AJ Sid & Co.

Tax Season 2024 is here! Become a filer today and save yourself the hassle. Avoid the excess taxes of late filers and non-filers. #TaxFiling2024 #TaxSeason24 #AJSid #IncomeTaxReturn2024 #IncomeTax

Draft SRO 1448 of 2024: Amendments in Active Taxpayer List (Rule 81B of the Income Tax Rules, 2002) The Federal Board of Revenue has issued a draft SRO 1448 dated 18 September 2024 proposing amendments to the Income Tax Rules, 2002. Amendments pertain to the Active Taxpayer’s List (ATL) and the inclusion of taxpayers based on their filing status. Key highlights of the draft amendments are mentioned below: ATL Inclusion : A taxpayer's name will only be included in the ATL if his income tax return for the latest tax year is filed by the due or extended date. Surcharge for Late Filers : Taxpayer filing return after the due date may be included in the ATL if he pays a surcharge as provided in proviso to clause (a) of sub-section (1) of section 182A of the Income Tax Ordinance, 2001 Daily Updation : The ATL will now be updated daily, rather than weekly. New Companies/AOPs : Companies and AOPs incorporated after June 30 of the latest tax year will automatically be included in the ATL. Taxpayers in AJK and GB : Individuals filing in Azad Jammu & Kashmir or Gilgit-Baltistan will be included in the ATL if their temporary and permanent addresses are in the Azad Jammu and Kashmir or Gilgit-Baltistan

ATTENTION SALES TAX REGISTERED PERSONS In accordance with SRO 350(1)/2024 dated March 7, 2024, all sales tax registered individuals (Sole Proprietors, members of AOP firms, or Single Members of Private Limited Companies) must complete biometric verification at a NADRA e-facilitation center by July 31, 2024. Ensure you visit your nearest NADRA E-Sahulat Centre for biometric verification related to Sales Tax and PSW. #FBR #SalesTax #BiometricVerification #Compliance #TaxFiling

FBR Rescinded the following Sales Tax SROs 1). 1501(I)/2021 - Exemption from whole of sales tax on import of edible fruits from Afghanistan except Apples 2). 321(I)/2022 - Change in rate of Sales Tax on petroleum products 3. 1635(I)/2022 - Exemption From Sales Tax on Import of Goods received in the event of natural disaster, gift or donation

Blocking SIMs of 0.5 Million Taxpayers not appearing in ATL. The Federal Board of Revenue (FBR) has taken a bold step in its efforts to boost tax compliance with the issuance of Income Tax General Order No. 1 of 2024 on April 29, 2024. Under this order, FBR has initiated the blocking of SIM cards belonging to registered taxpayers who do not appear in the Active Taxpayer List (ATL) but are liable to file Income Tax Return under Income Tax Ordinance, 2001. This move is part of FBR's broader strategy to incentivize tax compliance and ensure a fair tax collection system. By linking SIM card deactivation to tax compliance status, FBR aims to encourage registered taxpayers to fulfill their tax obligations promptly. However, this initiative has sparked debates regarding privacy rights and the potential risks associated with the disclosure of personal information. Critics argue that the public exposure of taxpayer status could lead to privacy breaches and identity theft concerns. As discussions on the implications of this policy continue, it underscores the challenges of balancing tax enforcement measures with individual privacy rights. FBR may need to address these concerns and explore alternative approaches to achieve tax compliance goals while safeguarding taxpayer privacy. #TaxCompliance #FBR #PrivacyRights #Taxpayers #Pakistan

SRO 581 of 2024 - Value of Supply to the CNG Consumers for the purpose of Charging Sales Tax Effective immediately, the revised value of supply to CNG consumers for the purpose of sales tax charging at CNG stations by gas transmission and distribution companies has been updated as follows: Region-I: Rs. 200 per kg (Khyber Pakhtunkhwa, Balochistan, and the Potohar Region) Region-II: Rs. 200 per kg (Sindh and Punjab, excluding the Potohar Region)

📢 Extension of Deadline for Sales Tax and Federal Excise Return for the month of March, 2024 PRA has extended the due date from the initial deadline of 18th April 2024 to the new deadline of 23rd April 2024.