There are many Pakistani citizens who are looking for tax deadline 2020 to be exceeded. FBR gave the last opportunity to citizen of Pakistan by extending last date of submission of tax return on 8, December 2020 according to notification issued by federal board of revenue.
tax deadline 2020 notification
This is the final deadline issued by FBR and the persons who haven’t file their tax are imposed with a tax penalty of 0.1% of tax everyday after the deadline so the persons who are waiting for deadline to be exceeded must pay their tax as soon as possible in order to not imposed with higher penalty.
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The federal board of revenue has implemented a increase in tax penalty on late filing of tax for year 2020. FBR has introduces total of 8 penalties which will become the part of law as well after parliamentary approval.
For all financial institutions which did not provide their all information regarding their non-resident timely, FBR has introduced four new sections to impose penalty on these institutions as required under section 165B on income tax ordinance 2001. Also, Pakistan is required to share all the information of non-residents with member countries.
To get the requited information on time, government proposed four penalties for non-compliant entities. In case of non-compliance, institution will have to pay a penalty of Rs. 10000 on each default and also addition of Rs. 10000 each month until the default is addressed
Moreover, a penalty of Rs. 50000 will be imposed on false-self certification under common reporting standard rules and the addition of Rs. 50000 once it is not get addressed.
The last date of submission of tax was 8 December 2020 and after that, tax deadline doesn’t exceed. The person not able to submit their tax are imposed a tax penalty of 0.1% of the tax everyday after the tax deadline.
Offline Technologies is a Providing vast amount of IT services from development of a product too integration of different system that’s why FBR has introduced FBR invoice management system.
Invoice Management System/POS FBR Invoice management system is the method by which companies track and pay invoices. At its most simple, the process involves receiving an invoice from a third party, validating it as legitimate, paying the supplier, and noting the payment in company records.
FBR IMS SOFTWARE The purpose of the IMS is to facilitate tier 01 retailer to Understand methods for invoice data sharing with FBR. The software fiscal component will be installed on the same computer on which POS is installed. The fiscal component will be integrated with POS system to generate invoice and returns Fiscal invoice number.
The combination of Slotogate gaming options, bonuses, promotions, and loyalty program, along with the FBR’s IMS, will undoubtedly improve the overall gaming experience for players. With better technology, improved customer service, and increased security, players can rest assured they’re in good hands. As the FBR continues to improve the retail industry, Slotogate will be there to provide an exciting, safe, and secure gaming experience using trustly casinon .
Benefits • Real-Time Integration with FBR System • Automatic uploading of invoice data in FBR System • Prepopulated into Annex- C of Sales Tax Return
WHY DO YOU NEED THIS? • It’s fast and simple. • Everything is stored so you don’t lose your record. • Its secure • Cost saving • Reduces error and disputes • 24/7 excess to your record
LAW ALL Tier-1 retailer required to integrate their POS with FBR system for submission of sale invoice on real-time basis.
*AS IT IS THE LAW YOU NEED THIS FOR YOUR OWN BUSNIESS SECURITY AND STABILITY.
For the benefits of consumers, Offline Technologies is offering following services in POS
• Integration (Installation) of FBR software with Existing POS
The withholding tax rates on rental income from the immovable property for the tax year 2021 has been updated by the Federal Board of Revenue (FBR).
After incorporating amendments to the Income Tax Ordinance 2001 enacted by the Finance Act 2020, the FBR updated the Withholding Tax rates for 2020-2021.
The FBR said that under Section 155 of the Income Tax Ordinance 2001, every designated person would gather/deduct withholding tax from the real estate of immovable property on payment of rent at that time.
According to Section 155: Income from property
A): Following are withholding tax for individuals or AOP
If the total amount of rent does not exceed Rs. 200,000: Tax rate will be zero.
If the total amount of rent is more than Rs. 200,000 but does not exceed Rs. 600,000 then withholding tax would be 5% of the total amount exceeding Rs. 200,000
If the total amount of rent exceeds Rs, 600,000 but does not exceed Rs, 1,000,000 then Rs, 20,000 plus 10 percent withholding tax of the total amount exceeding Rs, 600,000.
If the total amount of rent exceeds Rs, 1,000,000 but does not exceed Rs, 2,000,000 then Rs,60,000 plus 15 percent withholding tax of the total amount exceeding Rs, 1,000,000
If the total amount of rent exceeds Rs, 2,000,000 but does not exceed Rs. 4,000,000 then Rs, 210,000 plus 20 percent withholding tax of the total amount exceeding Rs, 2,000,000
If the total amount of rent exceeds Rs.4,000,000 but does not exceed Rs. 6,000,000 then Rs.610,000 plus 25 percent withholding tax of the total amount exceeding Rs.4,000,000
If the total amount of rent exceeds Rs.6,000,000 but does not exceed Rs. 8,000,000 then Rs.1,110,000 plus 30 percent withholding tax of the total amount exceeding Rs.6,000,000
If the total amount of rent exceeds Rs.8,000,000 then Rs.1,710,000 plus 35 percent withholding tax of the total amount exceeding Rs.8,000,000
B): Withholding tax for companies is 15 percent. The tax will be as per the requirement as compared to the total tax liability.
Federal Board of Revenue (FBR) has recently updated the Withholding tax rates on any vehicle registration and for transfer of vehicles for the year 2020-21 from 30th of june, 2020.
Withholding tax under Section 231B:
The withholding tax rate under section 231B for private vehicles is that withholding tax shall be collected by vehicle registration authority when purchasing newly manufactured vehicle at that time when vehicle is transferred to the person who is purchasing the vehicle.
For the person not appearing on Active Taxpayer List (ATL) , the withholding tax shall be increased to 100% for that person.
Here is the list of Withholding tax rates under the Section 231B:
According to Section 231B(2), Vehicle Registration Authority will collect withholding tax from the person who is transferring his ownership/registration when vehicle is being transferred.
The withholding tax rate under this section shall be as:
Engine
Capacity
For
ATL
For
Non-ATL
Up
to 850CC
Rs0
Rs0
851CC
to 1000CC
Rs5,000
Rs10,000
1001CC
to 1300CC
Rs7,500
Rs15,000
1301CC
to 1600CC
Rs12,500
Rs25,000
1601CC
to 1800CC
Rs18,750
Rs37,500
1801CC
to 2000CC
Rs25,000
Rs50,000
2001CC
to 2500CC
Rs37,500
Rs75,000
2501CC
to 3000CC
Rs50,000
Rs100,000
Above
3000CC
Rs62,500
Rs125,000
Withholding tax rates under Section 231B (3):
When a person is purchasing vehicle, withholding tax shall be collected by manufacturer of vehicle at the time of sale of vehicle. Withholding tax shall be adjustable to tax liability.
Under Division VII, Part IV of First Schedule of the Income Tax Ordinance, 200, withholding tax rates are as:
The Government of Pakistan has provided citizens an online system for vehicle verification in Pakistan for all type of vehicles (cars/motors) with computerized registration plates. If a person wants to purchase a new vehicle, he can check all details of that vehicle through this online vehicle verification system. This system is introduced because if you are looking to buy or purchase a new vehicle, you need to verify all vehicles details first.
In order to check vehicle verification, follow these steps:
Here you will see the page of Vehicle Verification. All you need to do is enter the registration number of your desired vehicle, click on Search and you will see all information of that vehicle like make model of vehicle, color of that vehicle chassis number, type of vehicle and name of the owner of that vehicle.
The government of Pakistan also warned not to get into buying a stolen, non-costumed paid or tampered vehicle as it might result ending into court or jail.
Existing Structure: FBR has a complex mechanism for exporters/business/trader facilitation, which is difficult for average user with limited technical capacity. Following systems are in place in FBR: IRIS, E-File Taxpayer Facilitation Portal, IRIS-ADX Application, Centralized Sales Tax & FED Assessment & Processing (CSTAP), Pay-Sys, Risk Management System (RMS), Sales Tax Return Automation System, WEBOC, One Customs Software.
Proposed Solution: In addition to the existing structure which is not only confusing but non user-friendly as well, there are numerous issues faced by trader/business from initial registration to becoming a taxpayer with FBR. There is a need to establish a dedicated division to:
a) Facilitate the existing taxpayers largely paying 70% of the taxes per annum; b) Support the foreign prospect companies to be registered in Pakistan to initiate new projects either through joint ventures or establishing their own existence
The proposed division will be reporting to Chairman FBR with user-friendly software and direct & easy communication for clients. The division will have:
a) Competent & suitable HR to be hired from the Market b) Dedicated and user-friendly web portal having limited to no human interface c) Digital walk-through for international companies for easy registration process in Pakistan d) Simplifications of procedures and forms e) Random auditing mechanism through automated system. f) FBR existing divisions of ‘Integrity Management Cell’ (IMC) for facilitation of taxpayers and unit named ‘Tax Information Processing Unit’ (TIPU) will also be integrated within this division.
2- Operating and maintenance cost
This division will be operating as an integral part of FBR for facilitation of large taxpayers/business. Since a certain percentage of FBR work will be undertaken by this division so FBR needs to allocate annual operating budget for this division, covering salaries of HR, maintenance, hosting and upgrading of software, connectivity, training and facilitation budget, communication and other operational expenses. The same audit requirements would be applicable on this division which is applicable for FBR.
With this new division having HR from the private sector, the employee retention may be an issue for FBR, keeping in view limited vertical growth and restricted remuneration packages under Finance Division for contractual employees. FBR may need to look into this issue and undertake legal amendments in its Act in order to establish this division as a sustainable model.
Please note as for these income tax rates in Pakistan where a persons is not appearing in the active taxpayers’ list, the rate of tax required to be deducted or collected, as the case may be, shall be increased by hundred percent of the rate specified to be deducted or collected. However, these provisions shall not apply on tax collectible or deductible in case of the following sections.
Tax deducted under section 149
Tax deducted under section 152 other than sub-section (1), (1AA), (2), (2A)(b) and (2A)(c) of section 152
Pakistan Customs Computerized System (PACCS) is one composed system covering all procedures, activities, and techniques relating to customs and custom tax.
A need for a computerized system was felt to redo and change the entire framework utilizing data Technology and business process reengineering after facing many issues by the Pakistan Customs Administration.
The purpose of the Customs Reform Process was to enhance the organizational performance of Pakistan Customs, transforming it into a modern organization that is performing its duties in the best possible manner and in accordance with international standards. Since international cargo clearance is the core of basic customs, the best way to measure the performance of a customs organization is to measure its dwell time.
KEY HIGHLIGHTS OF THE SYSTEM:
It covers the entire field of customs activities.
PACCS is ONE WINDOW OPERATION according to which declarants do not have to leave the comfort of their office for cargo Clearance from the port over the web anywhere inside or outside Pakistan.
A concept of a completely paperless environment as all documents except in outer correspondences with specific foundations like the courts are generated by the system without any manual need.
All information is organized and is redesigned distinctly through specific and committed input points. At the customer end, the information input is through drop-down menus and codes which helps to eliminate input mistakes.
The exchange of all trade with customary partners is electronic
Rapid clearance of cargo within 24/7 hours within hours of arrival.
Self-assess duties and taxes and exclude customs before filing a declaration.
Online Cargo Clearance Status Report.
Online and instant duty drop approval
Electronic filing and refund approval.
Trouble-free and selective examination based on risk management
Manifest data online.
Secure assessment and evaluation condition.
It is perfect with CSI and ISPS.
No un-receipted costs.
The above impacts are being accomplished by the ideal utilization of data innovation. In IT phrasing, PACCS has an expert decision-making system.
For more information related to Customs, please visit Customs Basics.
The custom tax in Pakistan is defined as an indirect tax levied on import and export of goods is known as customs duty tax, also classified as import duty and export duty respectively. Before registering and performing the various customs procedures, it is recommended that individuals familiarize themselves with all the basic concepts related to these procedures. A basic understanding of these concepts will not only ensure that things are done smoothly but also in a consistent manner.
Custom tax in Pakistan is entrusted with guaranteeing that the following tasks are done in a lawfully endorsed way:
Trade Regulator
Trade Facilitation
Import & Export of legitimate cargo
Revenue Collection
Preventive (Control of contraband Goods)
TERMINOLOGies and definitions
Account: “Account” signifies all books, records, correspondence, bank and other budget summaries.
Act: “Act” means the Customs Act, the Act number IV of 1969 which is agreed on 3rd March 1969.
Decision authority: Any authority which is eligible to pass an order under the Customs Act, 1969.
Appropriate officer: An officer whose specific duties have been assigned under the Customs Act, 1969.
Collector: “Collector”, “Additional Collector”, “Deputy Collector” and “Assistant Collector “meant a person who collects customs and is designated under Section 3 of the Act to an area of its jurisdiction.
Customs airport /Customs port: Any airport or port designated by the Board as a customs airport or board for clearance of imported goods in Pakistan.
Duties: “Duties” means customs duties under the first schedule of the Customs Act, 1969.
Importer: An importer is a person who imports goods and is responsible for completing the necessary legal import customs clearance procedures and formal commitments upon arrival of the goods in the country.
Pakistan Customs Computerized System(PACCS): The PACC is a coordinated framework that covers all exercises and procedures identified with customs as defined in clause (IA) of section 2 of the Customs Act, 1969 (IV of 1969).
Vehicle: Vehicle signifies an engine vehicle, motorcycle, van, microbus, transport, jeep, truck, and tractor with trailer or semi-trailer, etc.
Pakistan Customs is one of the elite cadres of Pakistan’s civil services. It is serving as Pakistan’s border guard against the movement of illicit goods and encourages substandard trade. It gave a significant wellspring of income to the Government of Pakistan as assessments. It also helps protect the domestic industry and boost trade.
