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FAQs
Discover answers to common queries about our services, expertise, and commitment to client satisfaction
Where can I find good Consultant in Pakistan?
The best way, which is also the most common way of finding a good and competent professional, anywhere in the world, is from word of mouth. Talk to your friends and relatives, who then direct you to a person or a firm whom they know personally and deem them to be competent for the professional assistance required by you, and shall honestly labour for you with the maximum possible use of law and facts in your favour. RAS has grown up as a renowned provider of professional services in the areas of Management Consulting, Business Management, Cost & Financial Accounting, Audit, Tax & Corporate Compliance, Quality Management and R & D with a team of highly dedicated and competent professional from all areas.
Who can obtain advice on this portal?
Any person directly affected by any problem, relating to Law, Tax, Audit, Accounts etc by sending us his / her problems through e-mail, along with his/her personal details like name, address, e-mail and telephone numbers (preferably mobile or office), can obtain, Legal Advice on this portal.
Can I find another services in this?
By all means yes. We also try to organize everything for our clients, which they need for their litigation or legal documentation, but are unable to do or perform themselves. However, these arrangements are made by our non advocate associates, and naturally these services are also charged.
What is sales tax, how can I pay it?
Sales tax is a tax payable under the Sales Tax Act, 1990 by a person registered under the said Act on taxable supplies made by it in the course of or in furtherance of taxable activity carried on by him and on the goods imported by him. The rate of sales tax presently applicable is fifteen (16%) of the value of taxable supplies.
Who is liable to get registered with sales tax?
Under sales tax law, the following categories of business are liable to be registered:a) All importersb) All wholesalers (including dealers) and distributorsc) Manufacturers not falling in cottage industry (having annual turnover below Rs. 5 millions and annual utility bills below Rs. 7 thousand).d) Retailers (having value of supplies of over Rs. 5 millions during last 12 months)e) A person required to be registered under any provincial or federal law (e.g. hotels, clubs, caterer, custom agents, courier services, etc.)f) Persons making zero rated supplies, including commercial importers who intends to obtain sales tax refund against his zero rated supplies
Who can claim refund?
Registered persons can claim refund of input tax in following situations:• Registered manufacturer-cum-exporters and commercial exporters who zero rate all or part of their supplies under section 4 of the Act• Registered persons who acquire tax paid inputs for use thereof in the manufacture of goods chargeable to sales tax at the rate of zero percent under the Act or a notification issued there-under• Registered persons claiming refund of the excess amount of input tax which could not be consumed within three months• Registered persons who acquire tax paid inputs used in the export of goods, local supply of which is exempt under the Act or any notification issued there-under.• Refund can also be claimed if an amount of sales tax is paid inadvertently or by mistake• Refund may also be claimed if an amount is paid on demand of the department, but subsequently the demand is set aside by any competent authority, Tribunal or Court.
What sort of appellate remedies are available under sales tax act?
In case of one aggrieved by the findings / orders passed by Sales Tax Authorities, he may file an appeal before Commissioner (appeals) as a first recourse, subsequent by Appellate Tribunal, High Court and till the Supreme Court of Pakistan. Beside these readies filing a complaint before Federal Tax Ombudsman and Alternate Dispute resolution are other available forums for redressing mal administration and out of court settlement.
What is income tax? how can I pay it?
Governed by the Income Tax Ordinance 2001, Income Tax is a federal levy/annual tax on the total income of a person excluding the deduction allowed by the Ordinance for one tax year. Every tax year is independent of all other tax years. The term person is also divided into four categories which include:a) An individualb) Companyc) Small companyd) Association of personsEvery person who is liable to pay income tax, must apply for an NTN (National Tax Number) without which it will not be possible to file income tax returns
Who is required to file income tax return?
The Ordinance specifies the persons who are required to file Income Tax Return on the specified dates.It is mandatory for companies and AOPs to file return of income and withholding tax statements electronically.Further, individual taxpayers are also required to e-file the return of income in certain cases. A wealth statement and its reconciliation shall also accompany the return of income if the last declared / assessed total income or total income / salary income for the current tax year, as the case may be, exceeds PKR500,000
How the income of a person is taxed who is doing business?
Income of a person from its business or profession is taxed under the following two regimes:Normal Tax Regime (NTR)Final Tax Regime (FTR)Normal Tax Regime (NTR)Under the NTR, taxable income of the taxpayer is determined after reducing the related allowable expenses out of which some of the important allowable expenses are mentioned below:• Depreciation allowance• Initial allowance• First Year Allowance (FYA)• Intangibles• Head office expenditure• Apportionment of expenses• Tax liabilityFinal Tax Regime (FTR)Under the FTR, the tax deducted or collected at source is deemed to be final tax in respect of income from sources chargeable under FTR. The amount chargeable to tax on gross receipt basis cannot be reduced by:Any deductible allowance; orSet-off of any loss; orAny tax credits available under the Ordinance.Following are the sources of income, which are chargeable to tax under FTR.• Dividends paid by a company• Payment of ‘Royalty’ and ‘Fee for Technical Service’• Shipping and air-transport income of non-residents• Income of certain importers• Sale of goods and execution of contracts• Income of exporters• Income of service providers• Income from prizes and winnings• Goods transport business• Brokerage & commission income• Services to an exporter / export house• Insurance / re-insurance premium
What is e-intermediary?
They are registered, under Chapter XIII of the Sales Tax Rules 2006, as e-intermediary to act to the behalf of taxpayer for electronic filing of Sales Tax Returns, Income Tax Returns and annexure thereof by using a ‘Unique User Identifier’ assigned to them through e-FBR Portal .They are thus required to maintain the confidentiality of the data and records of all the clients for which they act as e-intermediary.
Does RAS povide e-intermediay/ e-filling services?
Yes! We provide the services of e-filing Sales Tax Return and Income Tax Return alongwith annexure. Moreover we also provide the services of filing of Sales Tax refund claims and Income Tax Refund Claims manually as well as electronically.What is a customs duty; how am I to pay it?Customs duty is levied in accordance with the First and Second Schedule of the Customs Act, 1969 on:a) Goods imported into Pakistanb) Goods exported from Pakistanc) Goods brought from any foreign country to a customs stationd) Goods brought in bond from one customs station to anotherIn case of imports customs duty is paid at the time of release of goods from the customs port or station. For this purpose, a bill of entry is filed stating the complete specification of the goods imported and amount of duties payable according to the value of goods imported calculated on the basis of invoice under the correct Pakistan Customs Tariff (PCT) Heading. On delivery of the bill of entry, the goods or any part thereof is examined without delay for the purposes of assessment of customs duty and other taxes thereon. Upon assessment the importer is directed to deposit the amount of duty assessed, warehouse charges, fines and penalties, if any, placed by the port authorities. Once the payment is made, the shipment is released and can be loaded and transported to its destination.
What is an excise duty? How do I pay it?
Excise duty refers to any sum payable under the provision of the Federal Excise Act, 2005 on:(a) goods produced or manufactured in Pakistan;(b) goods imported into Pakistan;(c) such other goods as the federal government may, by notification in the official gazette, specify, as are produced or manufactured in the non-tariff areas and are brought to the tariff areas for sale or consumption therein; and(d) services, provided or rendered in Pakistan.If your goods or services become excisable then you are required to be registered with the excise authorities under the Act. If you are a registered person then at the close of every month you are required to deposit the excise duty on a prescribed challan form in a bank located in the jurisdiction of the Collector of Central Excise where you are registered.
What is company law matters?
At every stage of business operation; from formation to incorporation, from meetings to registering documents with the registrar, Company Law Matters etc. involves complex procedures. Companies are required to get themselves registered with the Registrar of Companies (ROC) and file documents regarding various statutory requirements. If things do not move according to the plans then it becomes even more difficult to handle and can cause heavy penalties too. All from this apart, the stress and strain that one bears during all the documentation, company law matters and processes.RAS’s highly expert team of professionals, with their excellent understanding of the complexities of company law matter procedures, assists customers in finding solutions effortlessly. We are continuously helping companies to grow while we undertake all the complexities of company law matters.
What is the benefit of registeration of intellectual property rights?
Registration of intellectual property rights with the concerned authorities creates valid evidence / proof of ownership of such intellectual property rights. It entitles the registered owner to claim legal protection under the prevalent intellectual property laws and hence exclude unauthorized users from making copies of his product or undertaking any acts in relation to his product for commercial purposes. To download Intellectual Property Rights procedures click here.a) The Trade Marks Ordinance, 2001.b) The Patent Ordinance, 2001c) The Copyright Ordinance, 1962
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