1. 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

2. 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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3. 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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4. Advance Tax (Cont.) (A x B / C) - D
 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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5. Advance Tax
(Cont.)
 Due Dates of Advance tax Payments for Corporate & Association Of
Persons
 Payable on or before
Quarter ended
 25th September  25th December  25th March
September
December
March
 15th June
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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6. Advance Tax (Cont.) In the above formula
 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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7. Advance Tax (Cont.)  Due Dates of Advance tax Payments for Individual
 Payable on or before
Quarter ended
 25th September  25th December  25th March
September
December
March
 15th June
June
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8. 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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9. 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.
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10. 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
 Where holding period of security
2% of the Capital Gain
of the is less than 6 months quarter
 Where holding period is more
1.5% of Capital Gain
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.
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11. Penalty Provisions (Cont.) S.No. Offences Penalties Section of the
Ordinance to which
offence has
reference
(1)
(2)
(3)
(4) 1.
114 [and 118]
fails to comply sections 114 (return of income), 115
minimum penalty 5000/- or
(persons not required to furnish a return of income), 116
penalty equal to 0.1% of
(wealth statement) and 165 (statements)
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 Such person shall pay a penalty of 174 and Chapter
receipt when required under this Ordinance or the rules five thousand rupees or three VII of the Income
made thereunder.
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
Such person shall pay a penalty of
181
nature in the particulars of registration.
five thousand rupees.
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12. Penalty Provisions (Cont.) S.No. Offences Penalties Section of the
Ordinance to which
offence has
reference
(1)
(2)
(3)
(4)
5. fails to pay or partial payment of tax under section 137
1st default - 5 % - Penalty 137 2nd default - additional 25%
(collection and recovery of tax)
penalty
3rd default - additional 50% penalty of amount of tax 6.
Repeat erroneous calculation in return for more than one
Such person shall pay a penalty of
137
year
five thousand rupees or three
percent of the amount of the tax
involved, whichever is higher. 7.
Fails to comply section 174 (records, information
174
collection and audit)
Higher of the
-ten thousand rupees
-5% of amount of tax involved
8. Fails to comply section 177 (audit)
Rs. 5000/- 177 Rs. 10,000/-
-on 1st notice
-on 2nd notice
Rs. 50,000
-on 3rd notice
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13. Penalty Provisions (Cont.) S.No. Offences Penalties Section of the
Ordinance to which
offence has
reference
(1)
(2)
(3)
(4) 9.
Fails to comply section 176 (notice to obtain information
1st default - Rs. 5000/-
176
or evidence)
Subsequent default
Rs. 10,000/- for each default
10. Any person who makes a false misleading or furnishes or
Higher of the 114,115,116,174,176
files a false or misleading or omit any information while presenting to Income tax Authority under section 114
-Twenty five thousand rupees and 177
-100% of amount of tax shortfall
(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
11. Any person who demise or obstructs the access of
Higher of the 175 and 177
Commissioner or any authorized officer to the premises, place accounts, documents, computers or stock under
-Twenty five thousand rupees
-100% of amount of tax involved
section 175 (power to enter and search premises) and 177 (audit)
12.
Violation of section 111 (unexplained income or assets)
Higher of the
111
do and general
-Twenty five thousand rupees
-An amount equal to tax which a person sought to evade
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14. Penalty Provisions (Cont.) S.No. Offences Penalties Section of the
Ordinance to which
offence has
reference
(1)
(2)
(3)
(4)
13.
Obstruct any Income tax Authority in performing its
Rupees twenty five thousand
209 and 210
official duty under section 209 (jurisdiction of income
tax authorities), 210 (delegation) and general
14.
Contravenes any other provision of the Ordinance in
Higher of the
General
General
-five thousand rupees
-3 % of amount of tax
15. Fails to collect and deduct tax under section 148 (imports), 149 (salary),
Higher of the 160
150 (dividend), 151 (profit on debt), 152 (payments to non-resident), 153 (payments for goods, services and contracts), 153A (payments to
-five thousand rupees
-10% of amount of tax
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
Five thousand
181C
business
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15. Penalty Provisions Section 205 Default Surcharges:
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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16. 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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17. 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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18. 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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19. 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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20. 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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21. 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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22. 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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23. 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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24. 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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25. 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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26. 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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27. Payment of Tax and Refund
(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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28. 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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29. 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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30. Thank you Something worth doing “I like Kindness its something
that Government can’t tax and its free to give away that will return to you some day.”
Presentation by
Zeeshan Zafar Khan Senior Manager Tax
KPMG Taseer Hadi & Co