Tax under Income and Sales Tax Laws

Tax under Income and Sales Tax Laws

The withholding taxes require close analysis with all the day to day business transactions and it also requires deep understanding of income tax laws in Pakistan where there is a diminishing trend of transactions motivated by tax considerations.

Advance Withholding Tax Training is comprehensively designed Tax training in Pakistan to broaden and enlighten tax horizons and equip the professionals with today’s challenging and increasingly complicated tax environment to further ease the pain of excessive Tax compliance.

This Advance Withholding Tax Training will provide detailed knowledge of key different areas of Income tax laws with special importance to provisions concerning withholding taxes relating to Income tax and Sales tax.

Numerous examples and industry case studies will be used to illustrate different topics.

Who Should Attend

• Tax Managers
• Auditors
• Accountants
• Compliance Managers/Supervisors
• Compliance Officers
• Tax Consultants
• Business Owners
• Tax, Accounting , Audit, Compliance and Finance Professionals

Key Takeaways

Course participants will know

• What is withholding tax and responsibility of withholding agent
• Different rates of withholding taxes and discussion circulars, clarifications, explanations issued by FBR.
• Transaction wise withholding agents
• Exemptions, Unique approach in handling exemptions in WHT
• Concept of Filer and Non Filer
• Benefits of being a filer
• Handling day to day issues
• Penalties and offences for non-compliance
• Annual and monthly reporting
• Procedures – Pre-audit, During the audit and Post audit

What will participants get?

Participants will receive comprehensive course notes and material for future reference.

Course outline

Module 1

INCOME TAX / DIRECT TAX

• Introduction to Taxation
• Basic Concepts
• Who is withhold Agent?
• Active Taxpayer List (Filer or Non-Filer)
• Taxation System in Pakistan
• Withholding deduction at source
• Concept of Direct & Indirect Tax
• Practical approach of FBR & Income tax ordinance 2001
• Criteria of Registrations on FBR
• Major Compliance & Regulation Issues of FBR & Tax Departments

Module 2

Updated Practical Concepts & Computation of Income Tax:

• Section-149 Income from Salary
• Section-155 Income from Property
• Section-153 Payments of Goods, Services & Contract
• Section-147 Advance Tax
• Section-113 Minimum Tax
• Section-152 Payment to Non Resident
• Section-148 Import Tax
• Section-165 Withholding Statement

Module 3

• Documentation & Process of Registrations
• NTN Registration
• Computation & Reconciliation of Income Tax
• E-Filling of Individual and Business
• Wealth Reconcilaition
• Challan Making & Submission

Income Tax Ordinance 2001

• Tax is all about Attention to Details
• Understanding the law
• Salary Income and Taxation
• Advance Tax deductions (section 148 to section 158)
• Advance Tax U/s 147
• Minimum Tax U/s 113
• Types of Withholding tax
• Penalties, Prosecution and Default surcharge and for Non deduction of tax
• Reporting of Withholding Tax and frequency
• Penalties for Non-filing of Statements
• Certificate of Deduction of Tax and Form IT-3
• Final Settlement
• E-filing of Withholding Tax Statement and Income Tax Return

Pre and Post Course Assistance

A pre training questionnaire will be provided for all the participants with a focus on learning objectives of each of the participants in order to make the training course effective, if needed.

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International Student Fee: 600 USD