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FAR 2: Theory > CSV > Flashcards

CSV Flashcards

1
Q

<div>Export of Goods [Section 154]: Realization of foreign proceeds from export of goods by an exporter (WHT agent, WHT tax, Regime) [3]</div>

A

<ul><li>WHT Agent: Authorized dealer in foreign exchange</li></ul>

<ul><li>WHT Tax rate: 1% of export proceeds</li></ul>

<ul><li>Tax regime: MTR</li></ul>

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2
Q

<div>Export of Goods [Section 154]: Realization of foreign proceeds from <strong>sale of goods to Exporter</strong> under Inland B2B LOC, Other arrangement prescribed by FBR (WHT agent, WHT tax, Regime) [3]</div>

A

<ul><li>WHT Agent: Banking Company</li></ul>

<ul><li>WHT Tax rate: 1% of export proceeds realized by indirect exporter</li></ul>

<ul><li>Tax regime: MTR</li></ul>

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3
Q

<div>Export of Goods [Section 154]: Export of goods by industrial undertaking located in EPZ (WHT agent, WHT tax, Regime) [3]</div>

A

<ul><li>WHT Agent: EPZ Authority</li></ul>

<ul><li>WHT Tax rate: 1% of export proceeds</li></ul>

<ul><li>Tax regime: MTR</li></ul>

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4
Q

<div>Export of Goods [Section 154]: Making payment for a firm contract to an indirect exporter (WHT agent, WHT tax, Regime) [3]</div>

A

<ul><li>WHT Agent: <br></br>- Direct exporter<br></br>- Export house registered under Duty and Tax Remission for Export Rules<br></br></li></ul>

<ul><li>WHT Tax rate: 1% of payment</li></ul>

<ul><li>Tax regime: MTR</li></ul>

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5
Q

<div>Export of Goods [Section 154]: At the time of clearing of goods exported [Circular 3 of 2009 – In case of export of goods to Afghanistan whereby goods are exported without Form-E, export proceeds are received in cash instead of inward remittance through authorized dealer in foreign exchange] [3]</div>

A

<ul><li>WHT Agent: Collector of Customs</li></ul>

<ul><li>WHT Tax rate: 1% of value of such goods</li></ul>

<ul><li>Tax regime: MTR</li></ul>

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6
Q

<div>Other relevant circulars (points) pertaining to Export of Goods [4]</div>

A

<ul><li>Banks deduct tax when they discount export bills.</li></ul>

<ul><li>Advance payments for future exports are considered realized and deducted for withholding.</li></ul>

<ul><li>Goods sold through international tenders are exports.</li></ul>

<ul><li>Tax doesn't apply to exports by tax-exempt manufacturers.</li></ul>

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7
Q

<div>Who would be required to collect/deduct advance income (at what %) tax along with WHT? [5+1]</div>

A

<ul><li><strong>Authorized dealers in foreign exchange:</strong> Collect tax when converting foreign currency.</li></ul>

<ul><li><strong>Banking companies:</strong> Collect tax on export proceeds.</li></ul>

<ul><li><strong>Export Processing Zones Authority:</strong> Collect tax on exports from EPZs.</li></ul>

<ul><li><strong>Direct exporters and export houses:</strong> Collect tax on payments to indirect exporters.</li></ul>

<ul><li><strong>Collector of Customs:</strong> Collect tax on exported goods.</li></ul>

<p>Collect<strong> 1% advance income tax</strong> in addition to withholding tax at time of realization of foreign proceeds of export. (directly/indirectly)</p>

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8
Q

<div>Provision of Textile Value Added Services to Exporter [Section 153(2)]: Withholding agent, withholding amount, tax payer (resident and non resident)? [3]</div>

A

<ol><li>Withholding Agent: Exporter/Export House</li></ol>

<ol><li>Withholding amount: (Value of Services + Sales tax) * 1%</li></ol>

<ol><li>Taxpayer: Service provider of value addition (MTR if Resident, NTR if PE of non resident)<br></br><br></br></li></ol>

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9
Q

<div>Imports [Section 148]: On what amount IMPORTS shall income tax and withholding apply?</div>

A

<p>Value for the purpose of income tax: (Value of goods + Custom Duty + FED + Sales Tax)<br></br>Each cess is applied in the sequence written above.<br></br></p>

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10
Q

<div>Imports [Section 148]: Who would be the withholding agent for imports?</div>

A

<p><strong>Collector of Customs; s</strong>hall collect advance income tax in the same manner and at the same time as customs duty is paid on imports.</p>

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11
Q

<div>Imports [Section 148]: Who would be the income taxpayer?</div>

A

<p>Importer</p>

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12
Q

<div>Imports [Section 148]: What tax regime shall apply for importers? [3]</div>

A

<ul><li><strong>Normal Tax:</strong> For industrial undertakings (MANUFACTURERS) using imported goods. </li></ul>

<ul><li><strong>Minimum tax:</strong><ul><li>On income from imports of edible oil, packaging material, paper and paperboard, or plastics. (Manufacturers and Commercial Importers)</li></ul><ul><li>In all other cases.</li></ul></li></ul>

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13
Q

<div><strong>Withholding Tax Rates for Imported Goods for persons:<br></br>1. Persons importing goods classified in Part I of 12th Schedule<br></br>2. Persons importing goods classified in Part II of 12th Schedule<br></br>3. Persons importing goods classified in Part III of 12th Schedule<br></br>4. <br></br></strong>Manufacturer of goods covered under SRO 1125(1)/2011<strong><br></br>5. Persons importing finished pharmaceutical products<br></br>6. <br></br></strong>Importers of CKD kits of electric vehicles</div>

A

PersonWHT Tax RatePersons importing goods classified in Part I of 12th Schedule1% of import value + customs duty + sales tax + federal excise dutyPersons importing goods classified in Part II of 12th Schedule2% of import value + customs duty + sales tax + federal excise duty; or 3.5% for <strong>commercial importers</strong>Persons importing goods classified in Part III of 12th Schedule5.5% of import value + customs duty + sales tax + federal excise duty; or 6% for commercial importersManufacturer of goods covered under SRO 1125(1)/20111% of import value + customs duty + sales tax + federal excise dutyPersons importing finished pharmaceutical products4% of import value + customs duty + sales tax + federal excise dutyImporters of CKD kits of electric vehicles1% of import value + customs duty + sales tax + federal excise duty

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14
Q

<div><strong>Withholding Tax Rates for Import of Mobile Phone - where to look for them?</strong></div>

A

<p>First Schedule Part II</p>

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15
Q

<div>Value of goods [148.9]: Definition [4]</div>

A

<ul><li><strong>Retail price goods:</strong> Retail price + sales tax on import and supply.</li></ul>

<ul><li><strong>Other goods:</strong> Customs Act value + customs duty + FED + sales tax.</li></ul>

<ul><li><strong>Minimum value:</strong> As notified by the FBR, including customs duty, FED, and sales tax.</li></ul>

<p><strong>FBR may notify minimum value</strong> for advance tax collection on imports.</p>

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16
Q

<div><strong>Industrial Undertaking (Section 2(29C)) Definition [5]</strong></div>

A

<ul><li><strong>An undertaking in Pakistan employing:</strong><ul><li>10+ people with electrical energy</li></ul><ul><li>20+ people without electrical energy</li></ul></li></ul>

<ul><li><strong>Engaged in:</strong><ul><li>Manufacturing or processing goods</li></ul><ul><li>Shipbuilding</li></ul><ul><li>Generating, converting, transmitting, or distributing electricity or hydraulic power</li></ul><ul><li>Mining</li></ul></li></ul>

<ul><li><strong>Additional criteria (from May 1, 2020):</strong><ul><li>Construction or land development companies importing plant and machinery</li></ul></li></ul>

<ul><li><strong>Additional criteria (from July 1, 2020):</strong><ul><li>Resident hotel companies</li></ul></li></ul>

<ul><li><strong>Telecommunication companies</strong> operating under PTA license</li></ul>

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17
Q

<div>Exemption from Withholding tax collection on imports on what goods? - Part IV of Second Schedule [HUGE LIST, JUST READ]</div>

A

<ul><li><strong>16:</strong> Institutions of the Agha Khan Development Network (Pakistan)</li></ul>

<ul><li><strong>56:</strong><ul><li>Goods under Chapter 86 and 99 of Pakistan Customs Tariff</li></ul><ul><li>Petroleum oils</li></ul><ul><li>Goods imported by direct or indirect exporters</li></ul><ul><li>Goods temporarily imported for re-exportation</li></ul><ul><li>Goods temporarily imported by international athletes</li></ul></li></ul>

<ul><li><strong>Circular 14 of 1997:</strong> Re-imported goods rejected by foreign buyers or unsold consignments bought back.</li></ul>

<ul><li><strong>56:</strong><ul><li>Manufacturing Bond</li></ul><ul><li>Mineral oil for pesticide manufacturers</li></ul><ul><li>Government entities (Federal, Provincial, Local)</li></ul><ul><li>Foreign companies with majority foreign government shareholding</li></ul><ul><li>Plant and machinery for government contracts</li></ul><ul><li>High-speed diesel, light diesel, high octane blending component, kerosene, or crude oil for refining</li></ul><ul><li>Petroleum (E&P) companies (excluding motor vehicles)</li></ul><ul><li>Goods exported and re-imported within one year</li></ul><ul><li>Plant and machinery for bagasse/biomass cogeneration power projects</li></ul><ul><li>Goods under Export Facilitation Scheme 2021</li></ul><ul><li>Motor vehicles up to 1000cc</li></ul><ul><li>Printed books (excluding brochures, leaflets)</li></ul><ul><li>Newspapers, journals, periodicals</li></ul><ul><li>Blind talking mobile phones</li></ul></li></ul>

<ul><li><strong>60:</strong> Fully or partly designed/assembled cipher devices</li></ul>

<ul><li><strong>60D:</strong> Fire-fighting equipment in special economic zones</li></ul>

<ul><li><strong>60DA:</strong> Capital equipment in Special Technology Zones</li></ul>

<ul><li><strong>60E:</strong> Mobile phones in personal baggage</li></ul>

<ul><li><strong>77:</strong> Renewable energy items</li></ul>

<ul><li><strong>91:</strong> Agricultural equipment</li></ul>

<ul><li><strong>92:</strong> Aviation-related items</li></ul>

<ul><li><strong>98:</strong> Ships and crafts (until 2030), subject to conditions</li></ul>

<ul><li><strong>99:</strong> Aircraft leased by Pakistan International Airlines Corporation</li></ul>

<ul><li><strong>123:</strong> Goods for flood relief (certified by authorities)</li></ul>

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18
Q

<div>Sale of Goods [Section 153]: Amount taxable for income tax (and WHT)</div>

A

<p>Income tax (WHT u/s 153) = (Value of goods (or toll manufacturing service fee) + Sales tax) * WHT rate</p>

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19
Q

<div>Sale of Goods [Section 153]: Withholding tax rates for each type of goods [3]</div>

A

<strong>Payment on Account of (DIVISION 3, PART 3 OF FIRST SCHEUDLE)</strong><strong>Supplier</strong>Sale of rice, cotton seed, or edible oils1.5% (Co.), 1.5% (Ind/AOP)Toll manufacturing9% (Co.), 11% (Ind/AOP)Sale of other goods5% (Co.), 5.5% (Ind/AOP)

20
Q

<div>Sale of Goods [Section 153]: Tax regime for each type seller [5]</div>

A

SupplierTax RegimeManufacturing company (manufacturer of such goods)Adjustable (NTR)Public company listed on stock exchange in PakistanAdjustable (NTR)IndividualMinimum TaxAOPMinimum TaxUnlisted trading companyMinimum Tax

21
Q

<div>Sale of Goods [Section 153]: Taxpayer</div>

A

<p>Resident Seller of Goods</p>

22
Q

<div>Provision of Services [Section 153]: Amount taxable for income tax (and WHT)</div>

A

<p>Income tax (WHT u/s 153) = (Value of services + Sales tax) * WHT rate<br></br><br></br></p>

23
Q

<div>Provision of Services [Section 153]: Taxpayer</div>

A

<p>Resident Service Provider</p>

24
Q

<div>Provision of Services [Section 153]: WHT Rates for each type of service (where to look for them?</div>

A

<p><strong>Withholding Tax Rates for Services (Division III, Part III of First Schedule)</strong></p>

Service ProviderWHT Rate (Co.)WHT Rate (Ind./AOP)Electronic & print media for advertising services1.5%1.5%Transport services4%4%Freight forwarding services4%4%Air cargo services4%4%Courier services4%4%Manpower outsourcing services4%4%Hotel services4%4%Security guard services4%4%Software development services4%4%IT services & IT enabled services4%4%Warehousing services4%4%Services rendered by asset management companies4%4%Oilfield services4%4%Telecommunication services4%4%REIT Management Services4%4%Rendering of or providing of other services9%11%

25
Q

<div>Provision of Services [Section 153]: Tax regime</div>

A

<p>Minimum Tax Regime</p>

26
Q

<div>Execution of Contracts [Section 153]: Amount taxable for income tax (and WHT)</div>

A

<p>Income tax (WHT u/s 153) = (Fee for contract + Sales tax) * WHT rate</p>

27
Q

<div>Execution of Contract [Section 153]: Taxpayer</div>

A

<p>Resident Contractor</p>

28
Q

<div>Execution of Contract [Section 153]: WHT Rates for each type of contract [2]</div>

A

<p><strong>Withholding Tax Rates for Services (Division III, Part III of First Schedule)</strong></p>

ContractorWHT Rate (Co.)WHT Rate (Ind./AOP)Sportspersons N/A 10%Execution of contracts 7.5% 8%

29
Q

<div>Provision of Services [Section 153]: Tax regime as per contractor [3]</div>

A

ExecutorTax RegimePublic company listed on stock exchange in PakistanAdjustable (NTR)SportspersonMinimum Tax- Individual<br></br>- AOP<br></br>- Unlisted Company<br></br>Minimum Tax

30
Q

<div>Provision of Services [Section 153]: Withholding tax on retention of service charges / fee by an agent or 3rd person [2]</div>

A

<ul><li>If a service provider receives payment through an agent who retains their fees, the service provider must collect withholding tax on those fees.</li></ul>

<ul><li>This applies when the principal is a "prescribed person."</li></ul>

31
Q

<div><strong>Reduced Rate Certificate for Section 153 [3+3]</strong></div>

A

<ul><li><strong>Commissioner may allow reduced withholding tax rate:</strong><ul><li>If tax deductible under Section 153 is <strong>not minimum tax</strong></li></ul><ul><li>Upon <strong>application and inquiry</strong></li></ul><ul><li><strong>Reduction cannot exceed 80%</strong></li></ul></li></ul>

<ul><li><strong>For companies:</strong><ul><li>Commissioner must<strong> issue certificate within 15 days </strong>if advance tax liability is discharged</li></ul><ul><li>Certificate is <strong>deemed issued after 15 days, </strong>automatically processed by IRIS</li></ul><ul><li>Commissioner<strong> may modify or cancel the certificate</strong> with written reasons and a hearing opportunity</li></ul></li></ul>

32
Q

<div><strong>Exemption Under Section 153(5) (Sales of Goods/Service/Contracts) [6]</strong></div>

A

<ol><li><strong>Withholding tax not deducted for payments under:</strong><ul><li><strong>Rs. 75,000</strong> (goods) or <strong>Rs. 30,000</strong> (services) per financial year</li></ul><ul><li><strong>Excess payments:</strong> Tax deducted from subsequent payments if annual limit exceeded</li></ul></li></ol>

<ol><li><strong>Sale of goods by importer (COMMERCIAL):</strong><ul><li>If tax paid under Section 148</li></ul><ul><li>If goods sold in original condition</li></ul><ul><li><strong>Circular 5 of 2002:</strong> Exemption certificate not required for commercial importers; written undertaking may be given</li></ul></li></ol>

<ol><li><strong>Refund of security deposit</strong></li></ol>

<ol><li><strong>Government payments to contractors</strong> for construction materials</li></ol>

<ol><li><strong>Asset purchase under lease and buy-back agreement</strong> by modaraba, leasing company, bank, or financial institution</li></ol>

<ol><li><strong>Securitization of receivables</strong> by Special Purpose Vehicle (SPV): Tax deducted by payer is credited to the Originator</li></ol>

<p><br></br></p>

33
Q

<div>Exemption of WHT on sale of Goods under Section 153 could be found in?</div>

A

<p>Clause 46AA Part IV, 2nd Schedule</p>

34
Q

<div>Exemption of WHT on sale of goods under Section 153 for trading houses - Clause 57, Part IV, 2nd Schedule: Criteria [6]</div>

A

<ul><li><strong>Companies operating Trading Houses with:</strong><ol><li>Paid-up capital exceeding Rs. 250 million</li></ol><ol><li>Fixed assets exceeding Rs. 300 million at the end of the tax year</li></ol><ol><li>Computerized records of imports and sales</li></ol><ol><li>100% cash receipts on sales</li></ol><ol><li>Annual tax audits</li></ol><ol><li>Registration under the Sales Tax Act, 1990</li></ol></li></ul>

<p><strong>Explanation:</strong></p>

<ul><li>Exemption applies to Trading Houses as recipients, not withholding agents.</li></ul>

<ul><li>In-house preparation and processing of food items (up to 2% of total sales) does not disqualify a company as a Trading House if other conditions are met.</li></ul>

<p><strong>Minimum tax under Section 113:</strong></p>

<ul><li>1% TURNOVER TAX for companies operating Trading Houses</li></ul>

35
Q

<div>Concession Under Clause (45A) of Part IV of 2nd Schedule (Concessional rate, taxpayers, exceptions) [6+1+1]</div>

A

<ul><li><strong>Withholding tax rate:</strong> <strong>1%</strong> for local sales, supplies, and services to the following taxpayers:<ol><li>Textile and articles</li></ol><ol><li>Carpets</li></ol><ol><li>Leather and articles (including footwear)</li></ol><ol><li>Surgical goods</li></ol><ol><li>Sports goods</li></ol></li></ul>

<p><strong>Explanation:</strong></p>

<ul><li>Reduced rate applies only to local sales, supplies, and services by the specified taxpayers.</li></ul>

<ul><li><strong>For yarn traders:</strong> 0.5% withholding tax rate on sales to the above-mentioned categories.</li></ul>

36
Q

<div>Sale of Goods / Provision of Services / Execution of Contracts [Section 153]: Prescribed Person (Withholding Agent) [11]</div>

A

<ol><li>Federal Government</li></ol>

<ol><li>Company</li></ol>

<ol><li>Association of Persons (AOP) constituted by or under law</li></ol>

<ol><li>Non-profit organization</li></ol>

<ol><li>Foreign contractor or consultant</li></ol>

<ol><li>Consortium or joint venture</li></ol>

<ol><li>Exporter or export house (for purposes of Section 153(2))</li></ol>

<ol><li>Individual or AOP with turnover of Rs. 100 million or more in any preceding tax year</li></ol>

<ol><li>Person registered under Sales Tax Act, 1990 with turnover of Rs. 100 million or more in any preceding tax year</li></ol>

<ol><li>Builder (construction and sale of residential, commercial, or other buildings)</li></ol>

<ol><li>Developer (development and sale of residential, commercial, or other plots)</li></ol>

37
Q

<div><strong>Turnover Definition under Section 153 [4]</strong></div>

A

<ol><li><strong>Gross sales or gross receipts:</strong> Including sales tax, federal excise duty, and trade discounts</li></ol>

<ol><li><strong>Gross fees:</strong> For rendering services or giving benefits (including commissions)</li></ol>

<ol><li><strong>Gross receipts:</strong> From contract execution</li></ol>

<ol><li><strong>Company's share:</strong> Of the above amounts for associations where the company is a member</li></ol>

38
Q

<div>Brokerage and Commission [Section 233]: Withholding Amount</div>

A

<p>WHT on Commission under Section 233 = Commission Agreed * WHT Rate</p>

39
Q

<div>Brokerage and Commission [Section 233]: Tax Regime</div>

A

<p>Minimum Tax Regime</p>

40
Q

<div>Brokerage and Commission [Section 233]: Withholding Agent [5]</div>

A

<ol><li>Federal Government</li></ol>

<ol><li>Provincial Government</li></ol>

<ol><li>Local Government</li></ol>

<ol><li>Company</li></ol>

<ol><li>Individual / Association of Persons (AOP) with turnover of Rs. 100M or more</li></ol>

41
Q

<div>Brokerage and Commission [Section 233]: WHT tax rates for each type of agent [3]</div>

A

Agent (Taxpayer)WHT TaxAdvertising agent10%Life Insurance Agents (commission < Rs. 0.5 million/year)8%Other cases12%

42
Q

<div>Brokerage and Commission [Section 233]: Advertising agent (deduction prescribed rate) [3]</div>

A

<ol><li><strong>Principal deducts tax:</strong><ul><li>In addition to Section 153(1)(b) tax on advertising services (@1.5%)</li></ul><ul><li>At prescribed rate on the amount calculated by the formula:<ul><li>Amount paid to electronic or print media for advertising services (excluding commission) x 15/85</li></ul><ul><li>Amount calculated above x 10%</li></ul></li></ul></li></ol>

<ol><li><strong>Formula applies universally:</strong> Regardless of actual commission amount.</li></ol>

<ol><li><strong>Tax deduction:</strong> Serves as minimum tax on the advertising agent's income.</li></ol>

43
Q

<div>Brokerage and Commission [Section 233]: <strong>Concessions [1]</strong></div>

A

<p><strong>5% withholding tax</strong> for online marketplaces (commission to be intermediary in e-commerce)</p>

44
Q

<div>Brokerage and Commission [Section 233]: Exceptions - Search Section 233 in Part IV of 2nd Schedule [7]</div>

A

<ol><li><strong>Special Purpose Vehicles (for securitization or sukuk issuance):</strong> Section 233 doesn't apply.</li></ol>

<ol><li><strong>Venture Capital Companies:</strong> Section 233 doesn't apply.</li></ol>

<ol><li><strong>Islamic Development Bank:</strong> Section 233 doesn't apply.</li></ol>

<ol><li><strong>Investment Schemes, Pension Funds, REIT Schemes, Provident/Superannuation/Gratuity Funds:</strong> Section 233 doesn't apply.</li></ol>

<ol><li><strong>International Finance Corporation:</strong> Section 233 doesn't apply.</li></ol>

<ol><li><strong>Asian Development Bank:</strong> Section 233 doesn't apply.</li></ol>

<ol><li><strong>M/s TAISEI Corporation (under the agreement with the National Highway Authority):</strong> Provisions of ITO-2001 don't apply.</li></ol>

45
Q

<div><strong>Advance tax for TV Plays and Advertisements (Section 236CA) [2+3]</strong></div>

A

<ol><li><strong>Licensing Authority collects Advance Tax:</strong><ul><li><strong>Foreign TV drama serial or play - dubbed:</strong><ul><li>Rs. 1,000,000 per episode (serial)</li></ul><ul><li>Rs. 3,000,000 (single episode)</li></ul></li></ul><ul><li><strong>Foreign actor in commercials:</strong> Rs. 500,000 per second</li></ul></li></ol>

<ol><li><strong>Tax is Minimum Tax:</strong> For income arising from such drama serials, plays, or advertisements.</li></ol>

46
Q

<div><strong>Advance tax on sales to distributors, dealers and wholesalers [Section 236G]: WHT Tax rate [3]</strong></div>

A

CategoryFor Person Appearing on ATLFor Person NOT Appearing on ATLFertilizer - <br></br>For person appearing in both Active Taxpayer Lists issued under ITO-2001 & STA-1990<br></br>0.25%N/AFertilizer - Other Wise0.7%1.4%Other than fertilizer0.1%2%

47
Q

<div><strong>Advance tax on sales to Retailers [Section 236H]: WHT rate [2]</strong></div>

A

<ul><li>Sale to Retailers (by Manufacturer, Distributor, dealer, wholesaler, or Commercial Importer): 0.5% (2.5% for Non-ATL)</li></ul>

<ul><li>Sale to Wholesalers (by Distributor/Dealer only): 0.5% (1% for Non-ATL)</li></ul>

FAR 2: Theory (4 decks)

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