1. Share / SaveEmailAdd to FavoritesAmazon Wish ListDeliciousGoogle BookmarksMySpaceMessengerYahoo BookmarksMister-WongGoogle ReaderXINGNetvibes SharePosterousBusiness ExchangeTechNetArtoSmakNewsAIMIdenti.caBlogger PostBox.netNetlogShoutwireJumptagsFunPPhoneFavsNetvouzDiigoBlogMarksStartAidKhabbrYoolinkTechnotizieMultiplyPlaxo PulseSquidooBlinklistYiGGSegnaloYouMobFarkJamespotTwiddlaMindBodyGreenHuggNowPublicLiveJournalHelloTxtYampleLinkatopiaLinkedInAsk.com MyStuffMapleConnoteaMyLinkVaultSphinnCare2 NewsSphereGabbrTagzaVodPodRead It LaterEmailYahoo MailAOL MailFacebookTwitterDiggGoogle BuzzRedditStumbleUponBeboWordPressOrkutEvernoteStrandsDailyMeMSDNExpressionTipdPlurkYahoo MessengerMozillacaTypePad PostMixxTechnorati FavoritesCiteULikeHemidemiInstapaperXerpiWinkBibSonomyTailrankKledyMeneameBookmarks.frNewsVineFriendFeedPingProtopage BookmarksFavesWebnewsPushaSlashdotAllvoicesImera BrazilLinkaGoGounalogDiglogTumblrCurrentSpurlOneviewSimpyBuddyMarksViadeoWistsBackflipSiteJotDZoneHyvesBitty BrowserSymbaloo FeedsFolkdNewsTrustPrintFriendlyTuentiRediff MyPageGoogle GmailHotmailSend from any other email service:Any email Powered by AddToAny<br />DAWN.COM <br />DawnNews TV <br />ePaper <br />CityFM89 <br />Events <br />Dawn Relief <br />Tuesday 22nd February 2011 | Rabi-ul-Awwal 18, 1432<br />Last updated: 4 mins ago<br />Top of Form<br />Bottom of Form<br /> HYPERLINK quot;
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August 16, 2010<br />By Huzaima Bukhari and Dr Ikramul Haq<br />AFTER the completion of five-year World Bank funded Tax Administration Reforms Programme — now extended for another two or more years — the Federal Board of Revenue is still looking for expert advice to raise tax-to-GDP ratio.<br />On July 23, the FBR notified yet another Reform Co-ordination Group, “to obtain input of experts on modern tax reforms strategy and measures to raise tax to GDP ratio”.<br />In the past many such task forces and committees were set up but with disappointing results and the tax-to-GDP ratio has continued to decline. It has dipped to 8.9 in 2009-2010 from 13 per cent in 1992-93. This is indeed a sorry state of affairs.<br />The FBR did not meet the revenue target of Rs1380 billion, revised downwards from original Rs1500 billion for the last fiscal year. The house standing committee on finance needs to find out the reasons for FBR’s failure in meeting the targeted tax-to-GDP ratio of 10.2 per cent for fiscal year 2009-2010. It should invite FBR officials, tax experts including the representatives of All-Pakistan Tax Bar to give their opinions. On the basis of their findings and recommendations, the committee can prepare a detailed report for the parliament and government for fixing responsibility, devising policies and making action plans to improve the tax revenue.<br />Revenue worth trillions of rupees has been lost since 1977 because of unprecedented exemptions and concessions to the rich and the mighty. Military rulers abolished all the progressive taxes e.g. estate duty, gift tax, capital gain tax etc and the democratic government never bothered to reintroduce them.<br />The historic decision of taxing “agricultural income” in the shape of Finance Act, 1977, was thwarted by the military regime of General Ziaul Haq. Through this law, the parliament amended the definition of “agricultural income” as obtaining in Sec 2(1) of then Income Tax Act, 1922 to tax big absentee landlords. This was a revolutionary step to impose tax on agricultural income.<br />Taxation of “agricultural income” is the sole prerogative of provincial governments under the 1973 Constitution. All the four provinces have enacted laws to this effect, but the total collection in 2009-2010 was only Rs2 billion against actual potential of Rs200 billion (share of agriculture in GDP is about 22 per cent).<br />Tax losses for exempting (in fact not taxing) speculative transactions in real estate are to the extent of billions of rupees per annum. According to Economic Survey of Pakistan 2009-10, the loss on this count for fiscal year 2008-09 was Rs200 billion.<br />The definition of ‘business’ given in the Income Tax Ordinance, 2001 covers, “adventure in the nature of trade” and yet the tax machinery is not bringing adventures in the nature of trade in real estate into tax ambit and giving undue tax exemption on gains arising on speculative transactions in shares. Our tax-to-GDP ratio can rise to 20 per cent in one year if we tax speculative dealings in real estate. This would also help in promoting construction industry as price of land would come down and bring the black economy into tax net.<br />The multinational companies, through abusive transfer pricing mechanism, evade taxes of over Rs200 billion per annum. The Wealth Tax Act, 1963 was abolished through the Finance Act 2003 although it was especially suitable because enormous assets were created without disclosing income.<br />Before its abolition in 2003, the wealth tax was the only progressive tax available with tremendous potential for growth, if exemptions given to the rich absentee landlords were scrapped. This became obvious immediately after its repeal when billions of rupees (estimated at $60 billion) started pouring in from all over the world, remitted by all and sundry, without any fear of being investigated, courtesy amnesty given under Sec 111(4) of the Income Tax Ordinance, 2001.<br />Influx of enormous wealth was directed to stock exchanges and real estate market where the sharks continued to fleece small investors through market manipulations, or was used to artificially enhance the prices of property. With no wealth tax to pay, both these avenues helped to increase individual wealth but dreadfully stripped the entire nation of its right to enjoy economic prosperity. From 2003 to date, according to a conservative estimate, Rs200–350 billion worth of wealth tax have been lost.<br />Sec 111(4) of the Income Tax Ordinance, 2001 protects tax evaders as they are permitted to whiten untaxed income through an extremely simple and easily available procedure by going to a money exchanger and getting fictitious foreign remittance in their accounts after paying a nominal premium of one to two per cent of the entire proceeds. The loss caused due to this provision alone for the last five years is estimated at nearly Rs275 billion.<br />In the last two years alone, revenue loss on account of taxing income from property at reduced rate is estimated at Rs280 billion. The state does not need any borrowing at all, if the rich and the mighty are taxed according to the established democratic norms of equity. The dire need is to tap the real tax potential and make the economy self-reliant, stop wasteful, unproductive expenses, cut the size of cabinet and government machinery, make government-owned corporations profitable, accelerate industrialisation and increase productivity, improve agriculture sector, bring inflation to single digit and reduce inequalities through a policy of redistribution of income and wealth.<br />Read more:<br /> HYPERLINK quot;
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Terms and Conditions<br />Copyright © 2011 DAWN.COM Subject:IMPLEMENTATION OF REFORMED GST IN PAKISTAN.<br />Pakistan is in dire need of increasing its tax revenues by implementing a broad-based modern form of sales tax on goods and services. The Sales Tax Act, 1990, was originally designed on the basis of accepted value added taxation doctrines but due to political compromises and revenue exigencies, it increasingly became distorted and narrow-based because of ever-expanding exemptions, special regimes, multiplicity of rates and several other deviations from international best concepts and practices. Resultantly, not only the tax base of sales tax and income tax has been eroded but also lack of documentation of the national economy has proved a big hindrance in the development of effective tax policy options.<br />2.Under the existing constitutional framework, the Federal government can impose taxes on the sales and purchases of goods imported, exported, produced, manufactured or consumed. The Federal government has been levying excise duty on services. After passage of the 18th Constitutional Amendment, taxation of services now wholly falls within the domain of Provincial governments.<br />3.Presently, apart from sales tax on the supply and import of goods, Federal excise duty is chargeable on communication (including telecom) services, certain categories of advertisements, insurance services other than life, marine, health and crop, banking services, franchise services and services provided by property developers/promoters, stockbrokers and port/terminal operators. Besides, Provincial sales tax is chargeable on services provided by hotels/clubs/caterers, custom agents, ship chandlers and stevedores, courier services and advertisements on TV & radio. Except franchise services, Federal excise duty and Provincial sales tax on all the aforesaid services is being collected under GST mode with backward and forward cross-crediting (inter-tax adjustment) with Federal sales tax. <br />4.Tax-to-GDP ratio on account of the said sales taxes has stagnated on lower side although internationally, the standard rate of 17 percent sounds on higher side. The principal reason of lower tax to GDP ratio of sales taxes has been widespread and unbridled concessions and waivers on both local supply and import stages including zero-rating on several categories of domestic supplies, besides non-coverage of the services sector in general.<br />5.The consultations with tax professional circles have over the passage of time convinced that there is an overdue need to thoroughly reform and revamp the whole existing sales tax system to bring it closer to international standards. The new GST system will change the mindset of the public at large as well as of the tax machinery and will strengthen government’s efforts to formally depart from excise-style of sales taxation on goods and services. <br />6.The GST Bill, 2010 will replace the present Sales Tax Act, 1990. While the issues of collection and administration of sales tax on services are being separately negotiated with the Provinces in the light of recent NFC award, a provision has been included in the Federal Bill to integrate Provincial sales tax on services with the Federal sales tax on goods as and when the Provinces authorize FBR to collect and administer sales tax on services. <br />7.Under the new GST law, exemptions have been kept intact in respect of basic food items including wheat, rice, pulses, vegetables, fruits, live animals, meat and poultry etc. Edible oil chargeable to Federal excise duty will remain exempt from GST as before. Exemptions earlier available for philanthropic, charitable, educational, health or scientific research purposes or under international commitments/agreements including grants-in-aid will also continue. Moreover, life saving drugs, books and other printed materials including newspapers and periodicals have been kept exempt. <br />8.Local consumption of sectors like textile (including carpets), leather, surgical and sports goods has however, been subjected to tax. Similarly, defence stores, stationary items, dairy products, pharmaceuticals (other than lifesaving), agricultural inputs, agricultural machinery and implements, aviation/navigation equipments including ships & aircrafts etc. have also been proposed to be taxed. Acquisition of capital goods will be facilitated through expeditious adjustment/refund of input tax involved therein. <br />9.GST will be chargeable only on value added component of each stage of the supply chain. Due to the provision for set-off of the tax paid at earlier stages in the chain, net tax incidence remains as a single stage levy. Due to automatic input tax adjustment facility, businesses are attracted towards voluntary registration so that they may avail such adjustments and improve their cash flows. For this reason, GST always promotes documentation and encourages self-compliance.<br />10.Other salient features of the new GST system are as follows.<br />GST will replace the existing regimes of sales tax and excises on services.<br />GST will apply on both at import and local supply stages.<br />Standard rate of 15% has been proposed instead of the present rate of 17% or multiple other rates going upto 25%.<br />There shall be no fixed tax, reduced tax, enhanced tax, retail price-based tax or special tax scheme under the new GST system. <br />A uniform enhanced annual exemption threshold of Rs.7.5 million (which is presently Rs. 5 million) shall be applied to keep small businesses including small traders/retailers/cottage industry out of mandatory tax compliance.<br />All exports shall be zero-rated.<br />Input tax adjustment of both direct and indirect constituents shall be allowed on “totals” basis (excluding entertainment and non-business use passenger vehicles).<br />Sales tax on goods and services where so authorized by the Provinces shall be mutually adjustable so that double taxation does not occur.<br />No general zero-rating shall be admissible on any commercial form of domestic supply or on any local consumption.<br />The GST system will work purely on “self-assessment and self-policing” basis.<br />Cash flow of businesses shall be facilitated through expeditious centralized (Electronic) refund payment system. <br />Tax compliance shall be encouraged through transparent and fair audit system with increased use of modern information technology.<br />Adjudication, appeal and alternative dispute resolution (ADR) systems have been provided as before. <br />FBR will issue simplified rules to regulate the GST procedures and processes.<br />The GST Bill 2010 shall take effect from such date as may be notified by the Federal government. <br />The new GST system will be applied in FATA/PATA, the Province of Gilgit-Baltistan and AJ&K in due course.<br />11.The proposed GST system will certainly not generate any sudden increase in revenue yield. It will however, increase the overall tax-to-GDP ratio from the present below 10% to about 12% in next 3-5 years. Pakistan has a strong potential to implement such value added tax type sales tax because of the reason that besides having a properly-reformed collection infrastructure, it has a long-operating sales tax system and substantial hidden sales taxation on inputs of exempt outputs (exempt supplies are input taxed) is already being borne in the aggregate national consumption. <br />12.The proposed GST system is expected to operate without any serious inflationary impact. It will rather promote economic equity and enable the country to direct national resources towards more productive goals of national development. Reformed GST is also likely to progressively minimize the grey component of the national economy and facilitate fair income redistribution. It will eventually cast healthy impact on income tax receipts and enhance fool-proof tax culture in the country.<br />Masood & Masood Corporate & Legal Consultants – Pakistan Based Consultancy Providing Business Solutions that work along with performing all the functions of a Traditional Law Firm <br />Top of Form<br />Bottom of Form<br />Home<br />About M&M<br />M&M Team<br />Why M&M<br />M&M Solutions» <br />Documentation» <br />Agreement Drafting Services<br />Business Formations» <br />Foreign Investment in Pakistan<br />Company Registration / Incorporation<br />Partnership Registration / Formation<br />Sole Traders / Proprietership Formation<br />Litigations» <br />Food & Beverages Law<br />Real Estate / Property Law<br />Banking Law<br />Intellectual Property Law<br />Divorce /Talaq Law<br />Common Law / Civil Law<br />Criminal Law<br />Intellectual Property» <br />Copyright Registration<br />Patent Registration<br />Trademark Registration<br />Pakistan Taxation» <br />Indirect taxation<br />Corporate Taxation<br />Websites» <br />E-Commerce Websites<br />Website Designing<br />Contact Us<br />RSS Feed<br />Pakistan Federal Budget 2010-11 – Salient Features Income Tax<br />By <br />Masood<br />– June 5, 2010Posted in: Budget 2010-11, M&M Exclusive<br />Pakistan’s Federal Budget Bill 2010-11 for the next year has just been announced and we are pleased to share with you the salient features of the bill with you. A detailed analysis will be delivered once the bill is actually enacted into an act of the parliament. Please give your suggestion before the same is passed.<br />INCOME TAX Relief Measures<br />1. In order to provide relief to large number of taxpayers deriving their incomes from Salary and business, the limit of Basic Exemption is proposed to be enhanced from Rs.200,000/- to Rs.300,000/- in respect of Salaried taxpayers, while in the respect of Non-Salaried taxpayers it has been proposed to enhanced from Rs.100,000/- to Rs.300,000/.<br /> 2. For welfare of industrial & commercial consumers of electricity, the maximum rate of advance tax deductible under section 235 on monthly electricity bills is proposed to be reduced from 10% to 5%, on the amount of the bills payable by them; 3. The Senior Citizens of the age of 60 years or more, are proposed to be eligible for relief of 50% of tax on their income, if their income does not exceed Rs.100,000/- as compared to previous maximum limit of Rs.75,000/-. However this relief shall not be available on income subject to Presumptive Tax Regime. 4. In pursuance of Prime Minister’s Relief Package to rehabilitate the economy of Khyber Paktunkhwa, FATA and PATA, some amendments are proposed to be introduced in the Income Tax Law. These measures provide following reliefs to industrial and commercial taxpayers hailing from most and moderately affectedareas, as prescribed: a) Waiver of entire amount of default surcharge & penalty till 30th June 2010; b) Exemption from advance tax on electricity for tax years 2010 and 2011; c) Exemption from withholding tax on exports; d) Recovery of outstanding income tax arrears through easy installments; e) Enhancement of income tax exemption limit from Rs.0.1 million to Rs.0.3 million; f) Annual Audit with the approval of FBR; and <br /> g) Exemption from advance tax on import of plant and machinery upto 30th June 2011; However these concessions shall not be available to manufacturers and suppliers of cement, sugar, beverages and cigarettes. 5. For the wellbeing of disabled persons, 100% depreciation expense can be claimed on Ramp built to provide access to disabled persons, is proposed through a new provision to be inserted in the law. 6. In order to provide relief to employees, exemption from taxation of perquisites on waiver of employees obligation to pay or repay, and amount owed to employer, is proposed. 7. In order to facilitate the withholding agents, instead of e-filing monthly, quarterly and annual withholding tax statements, the e-filing of only quarterly withholding tax statements is proposed; Income Tax Incentives For the wellbeing of listed company a Tax credit for BMR costs incurred by such a company is proposed to be provided @ 10% for the tax year of its incurrence. This concession has been proposed to be admissible for the tax years 2011 to 2015; 2. With the purpose to encourage enlistment of corporate sector, a 5% tax credit is proposed to be allowed to a company in the tax year of its enlistment. 3. In order to align with rest of the scheme, 10% withholding tax deductible on Government Securities is proposed to be a FINAL tax. 4. Withholding tax deductible on debt instruments is proposed to be a FINAL tax, in order to relieve the non-resident taxpayers of statutory requirement for filing income tax return. 5. For providing incentive to foreign lenders for tax-free repatriation of profits earned on foreign industrial loans, Clause 72(iii) of Part-IV of Second Schedule to the Income Tax Ordinance 2001 is proposed to be re-instated. 6. The maximum rate of withholding tax deductible on payments made to non-resident taxpayers who are not subject to Avoidance of Double Taxation Treaties (other than payments made on account of royalty and fee for technical services) is proposed to be @ 20% instead of 30%; 7. Honoring wide demand, the rate of withholding tax deductible @ 20% on cross-word puzzles is proposed to be reduced to a rate of 10%; Income Tax Revenue Measures 1. In order to strengthen the drive for documentation, a uniform tax rate for smallcompanies as well as AOPs is proposed @ 25% of their taxable income. 2. Advance tax deductible on imports made by commercial importers is proposed tobe enhanced to @5% being a FINAL tax. 3. Tax on capital gains accruing on account of holdings of stocks/shares/securities for six-months or less is proposed @ 10%, while holdings of stocks/shares/securities exceeding six-months is proposed @ 7.5%. However no tax has been proposed on such capital gains arising held for a period exceeding 12 months. 4. In order to rationalize and simplify slab-rates provided in respect of advance tax deductible on goods transport vehicles under Item (1) of Division-III of Part-IV of Second Schedule to the Income Tax Ordinance 2001 are proposed to be abolished, and tax is proposed @ Re.1 per kilogram of the laden weight capacity of goodstransport vehicle. No change has been proposed in the rate of tax on goods forwarding contracts, which remain taxable at the existing rate of 2%. 5. In order to bring clarity on advance tax deductible on Cash Withdrawals from Banks, various banking transactions including modes like withdrawals through Demand Draft, Pay Order, Online Transfer, Telegraphic Transfer, TDR, CDR, STDR and RTC, are proposed to be subject to 0.3% deduction of the advance tax, if such transactions exceed threshold of Rs.25,000/- in a single day. The advance tax is adjustable. 6. Turnover Tax on Loss Making Companies is proposed to be enhanced to @ 1%. <br />7. Withholding tax on gross value of Inland Air Ticket has been proposed @ 5%. Under the scheme the Inland Air-Ticketing persons shall withholding the tax, which will be adjustable against the tax liability of the purchaser of such ticket; Income Tax Technical Changes<br />1. Section 4 of the Income Tax Ordinance 2001 is proposed to be amended to include a reference regarding tax credit on account of share of profits received by a company from an AOP. 2. In order to bring clarity, expression ‘CD’ appearing in Division-V of Part-IV of First Schedule to the Income Tax Ordinance 2001 is proposed to be replaced by ‘any electronic medium’. 3. The mandatory requirement of Filing of Wealth Statement by the Taxpayers in FTR cases with yearly tax amounting to Rs.35, 000/- is proposed to be included in section 116 of the Income Tax Ordinance 2001. 4. For enforcing checks on non-compliant taxpayers, and to encourage compliant-taxpayers, a new section 181A is proposed to be inserted in the Ordinance. 5. In order to streamline accounting of Advance Tax payments, certain amendments are proposed in section 147 of the Ordinance, so that quarterly advance tax payments are paid by 25th of last month, as compared to earlier requirement of such payments by 15th of every month after the end of a quarter. 6. Through an editorial amendment, the reference of ‘minimum tax’ on importer of edible oil and packing materials under section 148, is proposed to be incorporated in provisions referring to final tax on the income of an importer. 7. For the purposes of clarity, through an editorial amendment the reference of sub-section (1AA) of section 152 is proposed to be inserted in sub-section (2) of section 152. 8. In order to rationalize the definition of ‘Prescribed Persons’ as given in sub-section (9) of section 153, an individual with turnover of Rs.50 millions or above is proposed to be added. 9. In order to perceive better audit of withholding taxes, the withholding agents shall be required to e-file quarterly statements even in the cases where no-tax was deducted. For the purpose of alignment and uniformity, the words ‘a person collecting tax’ are proposed to be replaced with the words ‘a withholding agent’ in sub-section (2) of section 165. 10. Editorial amendments in Section 236A of the Ordinance are proposed in order to bring clarity and remove confusion about the charge of advance tax on public auction of all kind of property including confiscated or attached goods. <br /> 11. On merger of Investment Corporation of Pakistan with Industrial Development Bank, the exemption available to ICP on dividend received from any other company is proposed to be withdrawn. 12. Exemption under clause (52) of Part-IV of the Second Schedule to the Income Tax Ordinance 2001 available to Vanaspati Ghee or Oil is proposed to be withdrawn, in view of demise of SRO. 593(I) 1991 Dated 30th June 1991.<br />Continue Reading – Pakistan Federal Budget 2010-11 – Salient Features Sales Tax<br /> http://masoodandmasood.com/2010/06/paksitan-federal-budget-2010-11-salient-features-sales-tax-and-federal-excise/<br />Continue Reading – Pakistan Federal Budget 2010-11 – Salient Features Customs Tax<br />http://masoodandmasood.com/2010/06/pakistan-federal-budget-2010-11-salient-features-customs-tax/<br />Recommended Reading<br /> HYPERLINK quot;
http://masoodandmasood.com/2010/07/complete-understanding-of-pakistan-finance-act-2010-11-income-tax-ordinance-2001-passed/quot;
quot;
Complete Understanding of Pakistan Finance ACT 2010-11 (Income Tax Ordinance, 2001)quot;
Complete Understanding of Pakistan Finance ACT 2010-11 (Income Tax Ordinance, 2001)<br /> HYPERLINK quot;
http://masoodandmasood.com/2010/06/slab-rates-of-taxable-income-of-business-class-sole-proprieter-partnerships-in-pakistan-budget-bill-2010-11/quot;
quot;
Slab Rates of Taxable Income of Business Class (Sole Proprieter / Partnerships) in Pakistan Budget Bill 2010-11quot;
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http://masoodandmasood.com/2010/06/slab-rates-of-taxable-income-in-pakistan-budget-bill-2010-11/quot;
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Slab Rates of Taxable Income of Salaried Class in Pakistan Budget Bill 2010-11quot;
Slab Rates of Taxable Income of Salaried Class in Pakistan Budget Bill 2010-11<br /> HYPERLINK quot;
http://masoodandmasood.com/2010/06/complete-text-of-pakistan-finance-bill-2010-11/quot;
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Complete Text of Pakistan Finance Bill 2010-11quot;
Complete Text of Pakistan Finance Bill 2010-11<br />Tags: HYPERLINK quot;
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