FINANCIAL JOURNAL

MOBILE TAX CALCULATOR NOTE: Please bear in mind that these figures are very close to,  but  NOT  the exact amount  you will be required to pay in tax. For simplicity's sake, the calculator also assumes that you are a tax non-filer. The exchange rate is assumed to be $1=Rs140. CLICK HERE   HOW TO REGISTER MOBILE PHONES BY FORIEGN TRAVELERS - DAWN NEWS The Federal Board of Revenue (FBR) has allowed sixty days period for international travelers to get duty-free registration of mobile    THE NEWS APPLICABLE DUTY/TAX STRUCTURE ON IMPORT OF MOBILE HANDSETS PCT (Pakistan Customs Tariff Code for Classification): 8517.1219  PCT Duty & Taxes 8517.1219 Customs/ Regulatory Duty  (i) Rs.250/set upto C&F Value of US $ 60;  (ii) @10% Adval of C&F value above US $ 60 & upto US $ 130;  (iii)@20% Adval of C&F value above US $ 130.  Sales Tax (S.No.2of the Ninth Schedule to ...

NOTE: The following discussion is under the provisions of Income Tax Ordinance, 2001 only. Provisions of Provincial Sales Tax on services will be updated over a period of time. The 'rent' received or receivable by a person for a tax year is taxable under the head 'Income from Property'. However, any rent which is exempt from tax under any provision of the Income Tax Ordinance, 2001 shall be ignored while computing the "Rent Chargeable to Tax" (RCT) under this head. [15(1 )]  RENT [2(49), 15(2) to (5), 16]  "Rent" means any amount received or receivable by the owner of the land or the building for its use or occupation by some other person. Generally, the amount received or receivable is taken as rent. However, where the 'fair market rent' (FMR) is more than the actual rent, then the fair market rent shall be taken as rent. [15(4)]  For the purposes of the Income Tax, following amounts are also included in "Rent Cha...

ALTERNATIVE CORPORATE TAX [113C]  Starting from the tax year 2014 tax payable by a company (in respect of income which is subject to tax under NTR or minimum tax under any of the provisions of Income Tax Ordinance) shall be higher of the Corporate Tax (CT) or Alternative Corporate Tax (ACT).  Before proceeding further it will be advisable to understand certain terms to be used in this context.  "Corporate Tax"  Corporate Tax means higher of tax payable by the company under NTR (under Division-II ,  of Part-I of the First  Schedule) and minimum tax payable under any of the provisions of the Income Tax Ordinance, 2001.  "Alternate Corporate Tax" (ACT) ACT means the tax at the rate of seventeen per cent (17%) of a sum as computed as below:  Accounting Income                                              ...

NOTIFICATION DATED NOVEMBER 06, 2016 S.R.O. 1352(I)/2018: FBR proposes following amendment to rules regarding Alternate Dispute Resolution: Proposed Changes: 1) Retired Judge shall be nominated as member of committee; 2) Retired Judge, Chartered Accountant, Advocates, businessmen appointed shall be paid one time remuneration of Rs. 100,000/- by Board; 3) Retired Judge Shall be Chairperson; 4) Retired Judge shall be paid extra remuneration of Rs. 200,000/- on account of being chairperson 

It has been noticed that the practice of completion of judgment within a reasonable time is not observed by some of the Learned Members and monthly disposal is not upto the mark keeping in view the huge backlog, which is against the Judicial norms as well as dimctions of the Honourable Supreme Court of Pakistan that "Proproper enunciation of law, considerable research, brooding and pondering the reasonable Hoe is 90 days which is adequate and good for completion of judgment". Non observance of the time frame in drafting the judgment is not only against the quoted judgment but also gives bad impression of the Tribunal. Needless to say that the delay in issuance of order attracts well legal maxim "justice delayed just. denied". Furthermore, it is observed that the orders of MA Stay heard cases are not being issued in time which must be issued on the same date, or not to be delayed more than one working day. ThereMre, all the Learned Members. of Appella...

CLICK HERE TO  READ DAWN NEWS GOVERNMENT OF PAKISTAN (REVENUE DIVISION)  FEDERAL BOARD OF REVENUE  *****  Islamabad, the 2nd November, 2018  NOTIFICATION   (SALES TAX) S.R.O. 1320(1)/2018.- In exercise of the powers conferred by sub-section (I) of section 4, section 40 and section 45A of the Federal Excise Act, 2005, section 219 of the Customs Act, 1969 (IV of 1969), section 50 of the Sales Tax Act, 1990, read with sub-section (2) of section 8, clause (b) of sub-section (1) of section 8, clause (ii) of sub-section (2) of section 8B, sections 9, 10, 14, 21, 21A and 28, clause (c) of sub-section (1) of section 22, first proviso to sub-section (1) of section 23, section 26, section 33, section 40C, sub-section (6) of section 47A, sections 48, 50A, 52, 52A and 66 thereof, the Federal Board of Revenue is pleased to direct that the following further amendments shall be made in the Sales Tax Rules, 2006, namely:—  In the afo...