Transcript www.karachitaxbar.com

Karachi Tax Bar
Association
Taxation of Corporate and Non
Corporate tax payers -Part II
Zeeshan Zafar Khan
Senior Manager
KPMG Taseer Hadi & Co.
Karachi
26 December 2014
Advance Tax
Under Income tax law advance tax is governed through the provision of
section 147 which is adjustable against the ultimate tax liability of the
taxpayer.
Its applicable to all the incomes except the following;
Dividend Income u/s 5
Income of Non-Resident i.e.
Royalty, Fee for Technical Services u/s 6
Shipping income u/s 7
Salary Income u/s 12
Imports which is final u/s 148
Profit on Debt which is final u/s 151
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KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.
1
Advance Tax
(Cont.)
Income of Non-Residents on account of contract or sub-contract under
a construction, assembly or installation projects in Pakistan, any
contract for construction and services, a contract for advertisement
services rendered on T.V u/s 152 (1A,1B and 1BB)
Payment of Supplies, Services and Contract which falls under FTR u/s
153
Export receipts u/s 154
Prizes and winnings u/s 156
Petroleum Product sold to petrol pumps u/s 156A
Brokerage and Commissions u/s 233
Income of CNG Stations u/s 234A
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KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.
2
Advance Tax
(Cont.)
In case of Corporate taxpayers and Association of Persons.
Formula provided is as under;
(A x B / C) - D
In the above formula
A- is the taxpayers turnover for the quarter
B- is the tax assessed to the taxpayer for the latest tax year
C- is the taxpayer’s turnover for the latest tax year
D- is the tax paid in the quarter for which for credit is allowed
under section 168 (credit for tax collected or deducted)
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KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.
3
Advance Tax
(Cont.)
Due Dates of Advance tax Payments for Corporate & Association Of
Persons
Payable on or before
25th September
25th December
25th March
15th June
Quarter ended
September
December
March
June
Frequently Asked question:
In case of 1st year of operation Advance tax shall be paid on the
basis of quarterly turnover
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KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.
4
Advance Tax
(Cont.)
In case of Individual where the latest assessed taxable income is more
than Rupees Five Hundred Thousand [ more than Rs. 500,000]
Formula
(A/4) - B
In the above formula
A- is the tax assessed to the taxpayer for the latest tax year or
latest assessment year
B- is the paid in the quarter for which a tax credit is allowed under
section 168 (credit for tax collected or deducted) other than section
149 (salary)
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KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.
5
Advance Tax
(Cont.)
Due Dates of Advance tax Payments for Individual
Payable on or before
25th September
25th December
25th March
15th June
Quarter ended
September
December
March
June
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KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.
6
Advance Tax
(Cont.)
Other Important aspects of Advance tax Provision
Any taxpayer shall file an estimate of tax payable for the relevant
tax year any time before the last installment is required to pay
before the Commissioner.
Tax liability under section 113 (minimum tax) shall be taken into
account while working out advance tax liability
Turnover Definition
the [gross sales or] gross receipts, exclusive of Sales Tax and
Federal Excise duty or any trade discounts shown on invoices, or
bills, derived from the sale of goods, and also excluding any
amount taken as deemed income and is assessed as final discharge
of the tax liability for which tax is already paid or payable;
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KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.
7
Advance Tax
(Cont.)
the gross fees for the rendering of services for giving benefits
including commissions; except covered by final discharge of tax
liability for which tax is separately paid or payable;
the gross receipts from the execution of contracts; except covered
by final discharge of tax liability for which tax is separately paid or
payable; and
the company’s share of the amounts stated above of any association
of persons of which the company is a member.
© 2014 KPMG Taseer Hadi & Co., a Partnership firm registered in Pakistan and a member firm of the KPMG network of independent member firms affiliated with
KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.
8
Advance Tax
Advance tax on Capital Gains in case of Corporate and Association of
Person
Advance tax is also required to be paid on the capital gains which are
payable to the Commissioner within a period of 21 days after the close of
each quarter but individual investors are not required to pay Advance tax on
Capital Gains.
Advance tax on Capital Gains is required to be paid as under
2% of the Capital Gain
Where holding period of security
of the is less than 6 months quarter
1.5% of Capital Gain
Where holding period is more
of the 6 month and less than 12 months quarter
Security has been defined: share of a public company, voucher of
Pakistan Telecommunication Corporation, Modaraba Certificate, an
instrument of redeemable capital and derivative products.
© 2014 KPMG Taseer Hadi & Co., a Partnership firm registered in Pakistan and a member firm of the KPMG network of independent member firms affiliated with
KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.
9
Penalty Provisions
(Cont.)
S.No.
Offences
Penalties
(1)
1.
(2)
(3)
Section of the
Ordinance to which
offence has
reference
(4)
114 [and 118]
fails to comply sections 114 (return of income), 115
(persons not required to furnish a return of income), 116
(wealth statement) and 165 (statements)
minimum penalty 5000/- or
penalty equal to 0.1% of
The tax payable for each day of
default up to
maximum of 25% of tax Payable
2.
Any person who fails to issue cash memo or invoice or
receipt when required under this Ordinance or the rules
made thereunder.
Such person shall pay a penalty of 174 and Chapter
five thousand rupees or three
VII of the Income
percent of the amount of the tax Tax Rules.
involved, whichever is higher.
3.
Any person who is required to apply for registration under Such person shall pay a penalty of 181
this Ordinance but fails to make an application for
five thousand rupees.
registration.
4.
Any person who fails to notify the changes of material
nature in the particulars of registration.
Such person shall pay a penalty of 181
five thousand rupees.
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KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.
10
Penalty Provisions
S.No.
(1)
5.
(Cont.)
Offences
(2)
fails to pay or partial payment of tax under section 137
(collection and recovery of tax)
6.
Repeat erroneous calculation in return for more than one
year
7.
Fails to comply section 174 (records, information
collection and audit)
8.
Fails to comply section 177 (audit)
-on 1st notice
-on 2nd notice
-on 3rd notice
Penalties
(3)
1st default - 5 % - Penalty
2nd default - additional 25%
penalty
3rd default - additional 50%
penalty of amount of tax
Such person shall pay a penalty of
five thousand rupees or three
percent of the amount of the tax
involved, whichever is higher.
Higher of the
-ten thousand rupees
-5% of amount of tax involved
Rs. 5000/Rs. 10,000/-
Section of the
Ordinance to which
offence has
reference
(4)
137
137
174
177
Rs. 50,000
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KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.
11
Penalty Provisions
S.No.
(Cont.)
Offences
Penalties
Section of the
Ordinance to which
offence has
reference
(4)
176
(1)
9.
(2)
Fails to comply section 176 (notice to obtain information
or evidence)
(3)
1st default - Rs. 5000/Subsequent default
Rs. 10,000/- for each default
10.
Any person who makes a false misleading or furnishes or
files a false or misleading or omit any information while
presenting to Income tax Authority under section 114
(return of income), 115 (persons not required to furnish a
return of income), 116 (wealth statement), 174 (records,
information collection and audit), 176 (notice to obtain
information or evidence), 177 (audit) and General
Higher of the
-Twenty five thousand rupees
-100% of amount of tax shortfall
114,115,116,174,176
and 177
11.
Any person who demise or obstructs the access of
Commissioner or any authorized officer to the premises,
place accounts, documents, computers or stock under
section 175 (power to enter and search premises) and
177 (audit)
Higher of the
-Twenty five thousand rupees
-100% of amount of tax involved
175 and 177
12.
Violation of section 111 (unexplained income or assets)
do and general
Higher of the
-Twenty five thousand rupees
-An amount equal to tax which a
person sought to evade
111
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KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.
12
Penalty Provisions
S.No.
(Cont.)
Offences
Penalties
Section of the
Ordinance to which
offence has
reference
(4)
209 and 210
(1)
13.
(2)
Obstruct any Income tax Authority in performing its
official duty under section 209 (jurisdiction of income
tax authorities), 210 (delegation) and general
(3)
Rupees twenty five thousand
14.
Contravenes any other provision of the Ordinance in
General
Higher of the
-five thousand rupees
-3 % of amount of tax
General
15.
Fails to collect and deduct tax under section 148 (imports), 149 (salary),
150 (dividend), 151 (profit on debt), 152 (payments to non-resident), 153
(payments for goods, services and contracts), 153A (payments to
Higher of the
-five thousand rupees
-10% of amount of tax
160
Five thousand
181C
traders and distributors), 154 (exports), 155 (income from property),
156 (prizes and winning), 156A (petroleum products), 156B (withdrawal
of balance under pension funds), 158 (time of deduction of tax),
160 (payment of tax collected or deducted), 231A (cash withdrawals
from a bank), 231B (advance tax on private motor vehicles), 233
(brokerage and commission), 233A (collection of tax by a stock
exchange registered in Pakistan), 234 (tax on motor vehicles), 235
(electricity consumption), 236 (telephone users) & 236A (advance
tax at the time of sale by auction).
16.
Any person who fails to display his NTN at the place of
business
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13
Penalty Provisions
Other Provisions for Penalty
A person shall be personally liable to pay the amount of tax to the Commissioner if a person fails
to collect tax or deduct tax from a payment or having collected or deducted tax but fails to pay
the Commissioner. S-161
Section 205 Default Surcharges:
Any person who fails to pay
- any tax excluding advance tax or default surcharge
- any penalty
- any amount of 140 (recovery of tax from persons holding money on behalf of a taxpayer) or 141
(liquidators)
Shall be liable for default surcharge of rate or 18% on per annum on the tax, penalty or other
amount unpaid.
It is computed from the date of on which tax, penalty or other amount due and ending on the date
on which it was paid.
- Failure to pay Advance tax under section 147 (advance tax paid by the taxpayer) shall make the
person to pay default surcharge at 18% per annum
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KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.
14
Tax Rebates
(Cont.)
Age above 60 years and income does
not exceed 1 million rupees than the
senior citizen’s tax liability shall be
reduced to 50% but this is not apply
to Final Tax Regime
[Clause IB Part I Division I First Schedule]
40% reduction of tax on salary
payable to full time teacher,
researcher, employed in a non profit
education or research institution duly
recognized by HEC, a Board of
Education or a university recognized
by HEC including, Government
training and research institution
share. [Clause 2 Part III Second Schedule]
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KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.
15
Tax Rebates
Any tax payable on profit on
investments in Bahbood Saving
Certificates or Pensioners Benefit
Accounts shall not exceeds 10% of such
profits
[Clause 6 Part III Second Schedule]
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KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.
16
Tax Credits
(Cont.)
Tax credits are provided in law and where
the tax payer is provided more than one
credit, the credit shall be applied in the
following order. [S-4]
Foreign tax credit [S-103]
Tax credits provided [S-61 to S-64]
Formula
(A/B) X C
A= Tax assessed before any tax credit other
than [S-103]
B = Taxable income for the year
C= Varying under each S-61 to S-64
Tax credits provided as an incentive scheme
of Government of Pakistan [ S-65A to S-65E]
Tax credit allowed under section 147 and 168
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KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.
17
Tax Credits
(Cont.)
Foreign Tax Credit
Where as resident tax payer derives a foreign
source income chargeable to tax under Income
Tax Law in respect of which Foreign tax payer
has already paid tax in foreign country.
The credit shall be allowed to an amount equal
to the lessor of—
Foreign income tax paid or
Pakistan tax payable in respect of the income
Credit shall be allowed only if the foreign
income tax is paid within two years after the
end of the tax year in which the foreign income
is derived.
[S-103]
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KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.
18
Tax Credits
(Cont.)
TAX CREDIT ON DONATION:
A person shall be entitle to a tax credit in
respect of any sum paid or any property given by
the person in the tax year as donation to Any
Not Profit Organization.
- Any Board of education, any university
- Any educational institution, hospital or relief
fund established or run in Pakistan by federal
government or a provincial government or a
local government.
- Tax credit is calculated as lesser of the
The total amount of person donations referred
in the year including the fair market value of
any property given
- Where the person is
- An individual or association of person’s (AOP),
30% of taxable income
- A company 20% of taxable income
[S-61]
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KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.
19
Tax Credits
(Cont.)
TAX CREDIT ON INVESTMENT IN SHARES
AND INSURANCE:
A resident person other than company shall be
entitled to a tax credit for a tax year on
- Acquiring new shares under IPO
- Life insurance premium paid over policy
- The amount of tax shall be lesser of the
- Total cost of acquiring shares or premium
paid
- 20% of person’s taxable income
- 1 million rupees
And shares shall not be disposed off within 24
month
[S-62]
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KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.
20
Tax Credits
(Cont.)
TAX CREDIT ON CONTRIBUTION TO AN
APPROVED PENSION FUND:
An eligible person deriving business income or
Salary income shall be entitled to a tax credit in
respect of any contribution or premium paid in
the approval fund under the Voluntary Pension
System Rules, 2005.
Tax credit is applicable on lesser of:
- total contribution or premium paid.
- 20% of the eligible person’s taxable.
Subject to the some condition of age which
should be more than 41 years at the time of
joining the fund and each year 2% additional
contribution tax credit is allowed which should
not exceed 50% of taxable income in successive
year.
[S-63]
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KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.
21
Tax Credits
(Cont.)
TAX CREDIT ON PROFIT ON DEBT:
A tax credit on any profit, share in rent and
share in appreciation for value of house paid by
the person in the year on a loan by a scheduled
bank or non banking finance institution regulated
by Sector advanced by Government or the local
government or a statutory body or a public
company listed on a registered stock Exchange
where the loan is utilized on construction of new
house or acquisition of the house.
Tax credit is allowed on the lesser of
- the total profit referred paid by the person
in the year
- 50% of person’s taxable income
- Rs. 750,000/[S-64]
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KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.
22
Tax Credits
(Cont.)
Every manufacturer registered under Sales Tax Act, 1990, and 90% of its sales are made also to
registered persons to under sales tax, shall be untitled to a tax credit of 2.5% of tax payable. But
no credit is allowed to a person where income is covered under Final Tax Regime or minimum tax.
[S-65A]
A company is entitled to a tax credit equal to 10% of tax payable if a invests any amount in the
purchase of a plant and machinery, for the purpose of extension, expansion, balancing, no
divinization and replacement of the plant and machinery, already installed therein in an industrial
undertaking setup in Pakistan and owned by it.
But no credit on final tax regime or minimum tax. However, 20% of the credit is available to a
company setup in Pakistan before July 2011 which makes investment through 100% new equity
during July 2011 to June 2016 for the purpose of balancing, modernization and machinery already
installed in an industrial undertaking owned by the company.[S-65B]
A tax credit equal to 15% of the tax payable shall be allowed to a company which opts for
enlistment in the stock exchange in Pakistan.[S-65C]
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KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.
23
Tax Credits
A tax credit equal to 100% of the tax payable subject to some contribution including
minimum tax and final tax to a company formed for establishing and operating a new
industrial undertaking including corporate dairy forming sets up. This tax credit is
available for a five years beginning from the date of setting up or commencement of
commercial production, whichever is later.[S-65D]
Where a company invests any amount, with 100% new equity raised through issuance
of new share, in the purchase and installation of plant and machinery for an industrial
undertaking, includes corporate dairy farming for the purpose of expansion of plant &
machinery or under taking a new project and maintain separate accounts of an
expansion project or a new project shall be allowed 100% tax credit including final tax
and minimum tax for 5 years beginning. [ S-65E]
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24
Deductible Allowance
DEDUCTIBLE ALLOWANCE:
- Zakat - S-60
- Workers Welfare Fund (WWF) - S-60A
- Worker Participation Profit Fund (WPPF) -S-60B
ZAKAT:
Zakat is payable by every person who is defined in Zakat and Ushr Ordinance,
1980 as Sahib-e- Nisaab.
WORKER WELFARE FUND (WWF): Governed under Worker Welfare Fund
Ordinance, 1971, and paid to FBR.
Calculated as: - In case of normal return 2% of the higher of taxable profit or
accounting profit before taxation.
In case of statement under section 115(4) (statement of final taxation) on the
gross receipt at the rate of 4%.
WORKER PARTICIPATION PROFIT FUND (WPPF): Governed under companies’
profit (Worker Participation) Act, 1968 and calculated on the accounting profit at
5%.
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KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.
25
Payment of Tax and Refund
Payment of Tax
(1) The tax payable by a taxpayer on the taxable income of the taxpayer for a tax year shall
be due on the due date for furnishing the taxpayer’s return of income for that year.
(2) Where any tax is payable under an assessment order or an amended assessment order or
any other order issued by the Commissioner under this Ordinance, a notice shall be served
upon the taxpayer in the prescribed form specifying the amount payable and thereupon the
sum so specified shall be paid within [fifteen] days from the date of service of the notice
[Provided that the tax payable as a result of provisional assessment [order] under section
122C, as specified in the notice under sub-section (2) shall be payable [immediately] after a
period of sixty days from the date of service of the notice
[Provided further that the taxpayer may pay the tax payable prior to expiry of the period of
sixty days specified in the first proviso.]
(3) Nothing in sub-section (2) [or (4)] shall affect the operation of sub-section (1).
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26
Payment of Tax and Refund
Cont.
(4) Upon written application by a taxpayer, the Commissioner may, where good cause is shown,
grant the taxpayer an extension of time for payment of tax due [under sub-section (2)] or
allow the taxpayer to pay [such tax] in installments of equal or varying amounts as the
Commissioner may determine having regard to the circumstances of the case.
(5) Where a taxpayer is permitted to pay tax by installments and the taxpayer defaults in
payment of any installments, the whole balance of the tax outstanding shall become
immediately payable.
(6) The grant of an extension of time to pay tax due or the grant of permission to pay tax due
by installments shall not preclude the liability for [default surcharge] arising under section
205 from the due date of the tax under sub-section (2)
[ S-137]
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27
Payment of Tax and Refund
(1) A taxpayer who has paid tax in excess of the amount which the taxpayer is properly chargeable under this
Ordinance may apply to the Commissioner for a refund of the excess.
(1A) Where any advance or loan, to which sub-clause (e) of clause (19) of section 2 applies, is repaid by a taxpayer,
he shall be entitled to a refund of the tax, if any, paid by him as a result of such advance or loan having been
treated as dividend under the aforesaid provision.
(2) An application for a refund under sub-section (1) shall be in the prescribed form within two years later of
(i) the date on which the Commissioner has issued the assessment order to the taxpayer for the tax year to
which the refund application relates; or (ii) the date on which the tax was paid.
(3)
Where the Commissioner is satisfied that tax has been overpaid, the Commissioner shall —
(a)
apply the excess in reduction of any other tax due from the taxpayer under this Ordinance;
(b)
apply the balance of the excess, if any, in reduction of any outstanding liability of the taxpayer to
pay other taxes; and
(c)
refund the remainder, if any, to the taxpayer.
(4) The Commissioner shall, within [sixty] days of receipt of a refund application under sub-section (1), serve on
the person applying for the refund an order in writing of the decision [after providing the taxpayer an opportunity
of being heard].
(5)A person aggrieved by— (a) an order passed under sub-section (4); or (b) the failure of the Commissioner to
pass an order under sub-section (4) within the time specified in that sub-section, may prefer an appeal.
[S-170]
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KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.
28
Something worth doing
Thank you
Presentation by
Zeeshan Zafar Khan
Senior Manager Tax
KPMG Taseer Hadi & Co.
+92 21 35685847
[email protected]
www.kpmg.com.pk
“I like Kindness its something
that Government can’t tax and
its free to give away that will
return to you some day.”