Guidelines for the Taxpayers, Withholding Tax Agents & Tax Collectors on Withholding Tax Regime in Pakistan.
Commentaries on the provisions of collection and deduction of tax at source under:
• The Income Tax Ordinance 2001;
• The Income Tax Rules 2002;
• Sales Tax on Services Acts (All Provinces);
• Sales Tax Special Procedure (Withholding) Rules 2007;
• Sales Tax Special Procedure (Withholding) Rules 2011;
• Sales Tax Special Procedure (Withholding) Rules 2014;
• Measures under the Finance Acts; 2019-20;
• Second Schedules (Income and Sales Tax);
• Tenth & Eleventh Schedules;
• Reference of SROs, Circulars and Law Cases.
COMMENTARY EXPLAINING THE PROVISIONS OF WHT I TAX AND SALES TAX ON SERVICES:
• Explanatory notes on each provisions WHT of the Income Tax Ordinance 2001 and Sales Tax on Services Acts;.
• Explanation whether WHT is Final, Minimum or Adjustable;
• First Schedule, rates of tax chargeable under each section;
• Second Schedule, Exemptions, Concessions, Reduction in tax rates, explained with reference to Clauses and sections;
• Second Schedule-services liable to WH Sales Tax and rates;
• Tenth Schedule Rules for persons not appearing in the ATL;
• Eleventh Schedule, WHT rates for withholding tax agents;
• Obligations of the Withholding Tax Agents;
• References of FBR’s clarifications Circulars, Letters or SROs;
• Procedure of issuance by the Commissioner the exemption or reduced rate or Nil tax certificate, explained in detail;
• Requirements for filing of WHT-statements;
• Monitoring and Audit Proceedings;
• Prosecution for concealment of Offshore assets;
• Prosecution for no-compliance with notice issued u/s 116;
• Prosecution for enabling offshore tax evasion;
• Consequences of non-compliance, imposition of penalties etc.