Taxpayers Not to Deliver Profile Details for Filing Tax Return
According to media sources, the government in Islamabad has decided to eliminate the need that taxpayers submit a profile along with their income tax forms.
According to Section 114 A of the 2001 Income Tax Ordinance, taxpayers were expected to maintain their profiles by entering information such as utility connections, types of businesses, business locations, bank accounts, and so on.
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The government has proposed eliminating Section 114 A and the filing requirement via the Finance Bill of 2020. In accordance with the law, the following updates have been made to the definitions of business accounts and small and medium-sized enterprises (SMEs):
A Small and Medium Enterprise (SME) is a manufacturer with a revenue of less than PKR 250 million, according to the Finance Bill.
Regarding taxability, SMEs fall into two categories:
A person whose revenue does not exceed 100 million Pakistani rupees will be taxed 7.5% of their taxable income.
Others whose revenue is greater than PKR 100 million but less than PKR 250 million will have 15% of their taxable income taxed.
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In addition, the SME may be taxed under the Fixed Tax Regime (FTR). Under this arrangement, businesses with a gross revenue of less than PKR 100 million will be taxed at 0.25% of their gross revenue. More than PKR 100 million but less than PKR 250 million in gross revenue will be taxed at a rate of 0.5% of gross revenue.
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