The Federal Board of Revenue (FBR) recently issued SRO No. 350/(I)/2024 on March 7 to further record tax tasks and boost compliance, according to a letter from PTBA to Federal Finance Minister Muhammad Aurangzeb. But after reviewing the SRO, the PTBA identified a number of issues that they feel need immediate fix.

Although the Bar acknowledged the FBR’s efforts and understood the significance of digitization, they contended that the new SRO does not sufficiently take into account a few key factors. The Bar forewarned in a letter that failure to address these issues could compromise economic activity and negatively affect tax revenue collection.

The PTBA has expressed worry over a number of issues, chief among them being the 30-day deadline for the public, organizations of individuals, and businesses with a single shareholder or member to complete their balance sheets. They proposed that the assessing officer could readily obtain this information, which is already obtainable to the authorities through income tax forms.

The PTBA suggested that the rule, which obliges that taxpayers with a turnover greater than five times their capital apply for permission from the Commissioner via the IRIS system, fails to take into consideration different forms of business funding, including credit facilities, bank loans, supplier advances, and personal loans. They recommended that the FBR identify these ways of financing and refrain from punishing taxpayers for gains in turnover resulting from these kinds of lawful economic operations.

They also discussed the new rule under sub-rule (3) of rule 30 that requires prior approval from the Commissioner before credit notes can be issued. They suggested that, given the specified sales threshold measurement, the Commissioner should have to grant approval for credit note issuance within 7 days of the request.

The post The recent SRO No. 350/(I)/2024 has raised concerns from the Pakistan Tax Bar Association (PTBA) due to its disregard for principles. appeared first on TAYYAB BIN IQBAL AND CO .

ISLAMABAD: The government wants to increase income production and document the enterprises in the nation, therefore the Federal Board of income (FBR) has established the Tajir Dost Scheme 2024 to bring small dealers and shops into the tax net.

The top tax body has also released an SRO in this regard, declaring that all traders and shopkeepers operating through a fixed place of business—a store, shop, warehouse, office, or other physical location—located within the territorial civil limits, including cantonments, will be registered under the scheme. These individuals are referred to as business premises.

In Karachi, Lahore, Peshawar, Quetta, Islamabad, and Rawalpindi, the scheme is aimed at wholesalers, dealers, retailers, jewellery stores, grocery stores, medical supply stores, hardware stores, meat shops, vegetable and fruit outlets, car showrooms, and dealers of chemicals, fertiliser, and pesticides.

Additionally covered by the programme are manufacturer-retailers, importer-retailers, and people who engage in other supply chain-related business ventures in addition to combining retail and wholesale operations.

Following a reported income of about Rs850 billion on Friday, a subset of tax offices and bank branches will be open on weekends to ensure tax compliance and fulfil the monthly target of Rs879 billion for tax collection for March.

Shopkeepers and traders can register under Section 181 of the Income Tax Ordinance 2001 by going to FBR’s tax facilitation centres, via the Tax Asaan App, or on the FBR website.

Tax collection starts on July 1st, and the registration process opens on April 1st. Section 182 of the Income Tax Ordinance 2001 stipulates that there will be financial penalties for failure to register by the deadline of April 30.

In addition to a 25% reduction on monthly advance tax payments for non-filers who file their tax returns for the tax year 2023 before the July 15 deadline for the first installment of monthly advance tax, the plan also gives a 25% discount on monthly advance tax payments if paid in lump sum.

The reduction rises to 50% for individuals who pay the full 12 months’ worth of advance taxes for the tax year 2024 on July 15 in a single payment.

Tajir Dost App FBR (Tax Asaan App)

Any trader or shopkeeper with an Android or iOS device can use the Tax Asaan app to apply for registration in the National Business Registry.

FBR’s Portal

They may also submit an application for registration via the Federal Board of Revenue’s web page.

FBR’s Tax Facilitation Centers

For registration, traders and store owners can also go to the FBR’s Tax Faciliation Centres. They have till April 30 to register for the programme.

According to the announcement, the Commissioner of Inland Revenue will register the merchant or shopkeeper, as applicable, if the person who is obliged to be registered does not request for registration.

On July 1, 2024, the second section of the SRO pertaining to the payment of minimal advance tax will go into effect.

“Everyone shall be responsible for paying the advance tax each month in line with this paragraph.
The minimum tax on income from the business covered by this scheme shall be the advance tax paid under subparagraph (1).

For a given tax year, the monthly advance tax amount is calculated according to any applicable regulations.

The advance tax payable under subparagraph (1) will be Rs. 1,200 annually in the event that the advance tax computed under subparagraph (3) is nil. With the caveat that sub-paragraph (1) will not apply if the person’s income is exempt from income tax under any Ordinance provision.

With the additional proviso that the advance tax payable will be lowered by 25% of the entire amount or the balance: (a) in the event that the individual pays the entire amount or the remaining amount, as applicable, of the advance tax for the applicable Tax Year in one single payment. Go through the SRO.

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The Tax Law (First Amendment) Ordinance 2024, which would eliminate the position of Commissioner Inland Revenue (Appeals), has been finalised by the Federal Board of Revenue (FBR) in this respect.

In order to accelerate ongoing cases at the level of Commissioner Inland Revenue Appeals, the aforementioned 120-day period has been decided.

“The elimination of the Commissioner’s position will not enhance ATIR’s operations,” tax advisors write to FBR.

The relevant sections of the Federal Excise Act of 2005, the Sales Tax Act of 1990, and the Income Tax Ordinance of 2001 would be amended by the Tax Law (First Amendment) Ordinance 2024, according to sources.

The Federal Excise Act of 2005, the Sales Tax Act of 1990, and the Income Tax Ordinance of 2001 all propose to eliminate the Commissioner IR (Appeals), the forum for initial appeals.

Following the Ordinance’s publication, the Appellate Tribunal (Inland Revenue) will be the first stage of appeal. The Appellate Tribunal (Inland Revenue) would be the first party the harmed taxpayers would need to contact in order to file an appeal.

The current 60-day window for submitting an appeal to the tribunal will be shortened to 30 days.

The Appellate Tribunal’s (Inland Revenue) decision-making process for appeals has been shortened from 180 days to 120 days.

The post If the Appellate Tribunal (Inland Revenue) is unable to reach a decision within 120 days, the Tax Law (First Amendment) Ordinance 2024 suggests that the appeals submitted before the tribunal be presumed rejected. appeared first on TAYYAB BIN IQBAL AND CO .

Apple’s Watch records exercise, tracks our moves throughout the day, assesses the amount of time we are stood up and reminds us to get up and move around if we have been sat for too long – let’s not forget Tim Cook’s “sitting is the new factor” line.

Diana saves Steve Trevor who has crashed on Themyscira. He warns her of the great war, World War I, raging across the globe. Wonder Woman joins him in the world of man.

Diana was also joined on the show by her brother Jonathan Dior.

Before you click away, disappointed that I brought up something as practical and boring as time management, hear me out. My intent is not to crush your spirits.

You Truly Believed In Justice

The average U.S. iPhone owner uses 1-2 gigabytes of LTE data per month, according to some studies. That data comes at an energy cost that’s opaque, because we can’t see it directly.

It’s quite the statement to make, and one that requires some thought. Wonder Woman is essentially saying that if your core beliefs are shaken by a personal experience.

Also Read: Journey of Diana Prince into the Wonder Woman Empire

To its detractors, love at first sight must be an illusion – the wrong term for what is simply infatuation, or a way to sugarcoat lust.

• Take a social media hiatus. According to a recent survey from Everyday Health, 60 to 70 percent of young adults say they check their social media platforms at least daily. Why not dial that back for the holidays?
• Stick to your new routine. It’s tempting to shake up your typical schedule when the holidays come around, but women’s health expert and BINTO founder Suzie Welsh emphasizes the importance of routine amid the revelry.
• Be intentional about fitness. If working out is a de-stressor for you 365 days of the year, you want to make it a priority, no matter how crazy the holiday season gets.

The truth, of course, is that these people have been lying to you all along.

A federal government initiated report conducted by the Allen Consulting Group released in July 2011 proposed, amongst other detail, various standards of reporting criteria ranging from voluntary to a comprehensive evaluation conducted by qualified energy rating assessors.

What One Does With The Truth

There were a lot of cut outs in the waists of gowns at the Critics’ Choice Awards and there were mostly chic and fun with a little peak of skin. This is not a little peak.

They will all come together to decide the winner of the prize, which was won last year by British menswear designer Grace Wales Bonner. The successful candidate will be given a $300,000 grant and year-long business mentorship.

Coverage: 50 Ways to Wear a Hat

We like the idea of a long top over pants – it’s nervy – but the combo of no straps, very long layers of ruffling and her cleavage looking smashed the latest records.

This is reflected in the basic idea to Kate Ballis’ photo series Beaches Above. By shooting the world from a bird’s eye.

Facebook has been less active than Google on the public relations front, but has joined its lobbying efforts – going as far as hiring experienced lobbyists who know Prime Minister Scott Morrison personally.

1. There is always the New Project, the New Opportunity.

Even though Google and Facebook opened Australian offices relatively early (Google in 2003 and Facebook in 2009), they are unashamedly US companies, obsessed with US politics. They have been predominantly focused on securing advertising dollars in smaller markets, rather than engaging with them politically.

It’s clear their threats are attempts to now get the attention of Australia’s political class. And if the platforms follow through.

This is reflected in the basic idea to Kate Ballis’ photo series Beaches Above. By shooting the world from a bird’s eye. Success isn’t about the end result, it’s about learning.

2. To be successful, follow your passion and see where it leads you.

Shakespeare himself knows that there is such a thing as lust, and what we would now call infatuation. He’s no fool. People who exhibit the perfectionism are fearful of failure.

Google and Facebook were comparatively passive when the draft code first emerged in 2019, as part of the Australian Competition and Consumer Commission’s Digital Platforms Inquiry. Providing advance notice of any changes.

Forget Your Fears and Worries

Success isn’t about the end result, it’s about what you learn along the way. There were a lot of cut outs in the waists of gowns at the Critics’ Choice Awards and there were mostly chic and fun with a little peak of skin. The contrast in these stories help to highlight what we’ve learned:

• Light comes from all sorts of randomness void.
• It’s a blessing, but also a terrible defect sensational.
• Smart phones are a massive energy drain.
• Buy SmartMag for your successful site.

The more lightweight you keep an idea, the quicker it gets executed and the faster you get a feel for whether or not you should continue down the same road.

We’d love to show you how to make a great living as a writer. Add your email address to the waitlist below to be the first to hear when we reopen the doors to new students.

The post Artist Resigns from Project Amid Claims of Cultural Appropriation appeared first on TAYYAB BIN IQBAL AND CO .

Apple’s Watch records exercise, tracks our moves throughout the day, assesses the amount of time we are stood up and reminds us to get up and move around if we have been sat for too long – let’s not forget Tim Cook’s “sitting is the new factor” line.

Diana saves Steve Trevor who has crashed on Themyscira. He warns her of the great war, World War I, raging across the globe. Wonder Woman joins him in the world of man.

Diana was also joined on the show by her brother Jonathan Dior.

Before you click away, disappointed that I brought up something as practical and boring as time management, hear me out. My intent is not to crush your spirits.

You Truly Believed In Justice

The average U.S. iPhone owner uses 1-2 gigabytes of LTE data per month, according to some studies. That data comes at an energy cost that’s opaque, because we can’t see it directly.

It’s quite the statement to make, and one that requires some thought. Wonder Woman is essentially saying that if your core beliefs are shaken by a personal experience.

Also Read: Journey of Diana Prince into the Wonder Woman Empire

To its detractors, love at first sight must be an illusion – the wrong term for what is simply infatuation, or a way to sugarcoat lust.

• Take a social media hiatus. According to a recent survey from Everyday Health, 60 to 70 percent of young adults say they check their social media platforms at least daily. Why not dial that back for the holidays?
• Stick to your new routine. It’s tempting to shake up your typical schedule when the holidays come around, but women’s health expert and BINTO founder Suzie Welsh emphasizes the importance of routine amid the revelry.
• Be intentional about fitness. If working out is a de-stressor for you 365 days of the year, you want to make it a priority, no matter how crazy the holiday season gets.

The truth, of course, is that these people have been lying to you all along.

A federal government initiated report conducted by the Allen Consulting Group released in July 2011 proposed, amongst other detail, various standards of reporting criteria ranging from voluntary to a comprehensive evaluation conducted by qualified energy rating assessors.

What One Does With The Truth

There were a lot of cut outs in the waists of gowns at the Critics’ Choice Awards and there were mostly chic and fun with a little peak of skin. This is not a little peak.

They will all come together to decide the winner of the prize, which was won last year by British menswear designer Grace Wales Bonner. The successful candidate will be given a $300,000 grant and year-long business mentorship.

Coverage: 50 Ways to Wear a Hat

We like the idea of a long top over pants – it’s nervy – but the combo of no straps, very long layers of ruffling and her cleavage looking smashed the latest records.

This is reflected in the basic idea to Kate Ballis’ photo series Beaches Above. By shooting the world from a bird’s eye.

Facebook has been less active than Google on the public relations front, but has joined its lobbying efforts – going as far as hiring experienced lobbyists who know Prime Minister Scott Morrison personally.

1. There is always the New Project, the New Opportunity.

Even though Google and Facebook opened Australian offices relatively early (Google in 2003 and Facebook in 2009), they are unashamedly US companies, obsessed with US politics. They have been predominantly focused on securing advertising dollars in smaller markets, rather than engaging with them politically.

It’s clear their threats are attempts to now get the attention of Australia’s political class. And if the platforms follow through.

This is reflected in the basic idea to Kate Ballis’ photo series Beaches Above. By shooting the world from a bird’s eye. Success isn’t about the end result, it’s about learning.

2. To be successful, follow your passion and see where it leads you.

Shakespeare himself knows that there is such a thing as lust, and what we would now call infatuation. He’s no fool. People who exhibit the perfectionism are fearful of failure.

Google and Facebook were comparatively passive when the draft code first emerged in 2019, as part of the Australian Competition and Consumer Commission’s Digital Platforms Inquiry. Providing advance notice of any changes.

Forget Your Fears and Worries

Success isn’t about the end result, it’s about what you learn along the way. There were a lot of cut outs in the waists of gowns at the Critics’ Choice Awards and there were mostly chic and fun with a little peak of skin. The contrast in these stories help to highlight what we’ve learned:

• Light comes from all sorts of randomness void.
• It’s a blessing, but also a terrible defect sensational.
• Smart phones are a massive energy drain.
• Buy SmartMag for your successful site.

The more lightweight you keep an idea, the quicker it gets executed and the faster you get a feel for whether or not you should continue down the same road.

We’d love to show you how to make a great living as a writer. Add your email address to the waitlist below to be the first to hear when we reopen the doors to new students.

The post Know More About The Travel and Tourism Industry appeared first on TAYYAB BIN IQBAL AND CO .