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Originally Posted by yogeshkumar
what is tax amnesty scheme? its beneficiaries? its salient features?
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Government of Pakistan has provided a voluntary tax compliance scheme in which the is a if a business comes into the tax net, one would be granted amnesty for being asked for sources of funds. Moreover, one would be granted a 1% tax of declared working capital as a tax for the tax payment up to fiscal year. Most of whole sellers have been forced to come in to tax net by higher amount of withholding rates as their margin (trading profit) if very narrow.
Quote:
Originally Posted by yogeshkumar
what is meant by additional tax?
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Govt is empowered to charge an additional tax which is above and beyond 17% of sales tax normally charged. It must not exceed another 17% of sales tax.
Quote:
Originally Posted by Sammar Ellahi
Government of Pakistan has provided a voluntary tax compliance scheme in which the is a if a business comes into the tax net, one would be granted amnesty for being asked for sources of funds. Moreover, one would be granted a 1% tax of declared working capital as a tax for the tax payment up to fiscal year. Most of whole sellers have been forced to come in to tax net by higher amount of withholding rates as their margin (trading profit) if very narrow.
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Up to fiscal year 2018. Higher withholding taxes on banking withdrawals for non-filers have compelled whole sellers to come in to tax net.