This document provides an overview of direct taxation in Pakistan. It discusses the history and evolution of income tax law in Pakistan from its origins in the 19th century to the current Income Tax Ordinance of 2001. It describes how taxes are classified as direct or indirect and examples of each. Direct taxes collected by the federal government include income tax, wealth tax, and capital value tax. The document outlines how income tax has become the most significant source of revenue. It also summarizes the key aspects and objectives of the current income tax legal framework in Pakistan.
This document discusses the impact of taxation on revenue generation in an emerging economy. It begins by defining taxation and the various concepts and types of taxation. It then discusses the relationship between taxation and revenue generation, noting that taxation is a central tool for economy growth and sustainability in developing countries. The document provides data on tax revenue collection in Nigeria from 2000 to 2018, showing that the Federal Inland Revenue Service has generally been able to increase actual tax revenue collected annually to meet or exceed targets.
The document discusses several key concepts relating to tax laws and litigation in India. It outlines 11 fundamental principles that should guide tax law design, including adequacy, equity, simplicity and predictability. It also describes constitutional limitations on taxation powers in India, important case laws, and distinguishes between taxes, duties, fees and cess. Other sections summarize tax avoidance versus evasion, double taxation, tax planning versus management, and mechanisms for resolving tax disputes such as appeals processes, advance rulings and advance pricing agreements.
The document summarizes key aspects of the Direct Tax Code (DTC) 2010 introduced in India. Some key points:
1. The DTC 2010 aims to replace the existing Income Tax Act 1961 and simplify direct tax laws using simple language. It consolidates various direct tax laws into a single code.
2. Major changes include a single slab for all individuals (0-30% tax), corporate tax rate reduced to 30%, wealth tax rate cut to 0.25%, capital gains tax treated separately.
3. The DTC proposes the EET model for taxing investments and aims to promote long-term investments. Key dates for tax filing also changed to 30th June and 31st August.
The document discusses fundamental principles relating to tax laws and concepts that should guide governments in designing equitable taxation regimes. It outlines 11 such principles - including adequacy, broad basing taxes, compatibility between different taxes, convenience for taxpayers, and equity. It also discusses constitutional limitations on taxation powers in India, important case laws, the distinction between taxes, duties, fees and cess. Other concepts covered include tax avoidance vs. tax evasion, double taxation, tax planning vs. tax management, an overview of tax litigation processes, and resolving disputes through various administrative and quasi-judicial mechanisms before approaching courts.
The document discusses India's tax system. It defines tax as a fee charged by the government on income, products, or activities. The objectives of tax are to generate government revenue, fund government expenses, and maintain a balanced economy. The key laws governing India's tax system are the Income Tax Act of 1961, the annual Finance Act, and Income Tax Rules. The major types of taxes in India are direct taxes like income tax and wealth tax, and indirect taxes like excise duty, customs duty, service tax, and sales/value added tax.
1. The document discusses various key concepts related to taxation in India such as direct taxes, indirect taxes, types of taxes including income tax, duty, cess, and surcharge. It provides definitions and explanations of these tax terms.
2. The key highlights are that direct taxes are imposed directly on income and wealth while indirect taxes are imposed on goods and services. Income tax is governed by the Income Tax Act of 1961 which is amended every year by the Finance Act.
3. The document also explains the difference between direct and indirect taxes, taxation system in India, types of taxation including progressive, regressive and proportional, and income tax computation process.
The document summarizes key aspects of India's proposed Direct Tax Code (DTC) which intends to replace the country's 50-year old Income Tax Act. Some key changes proposed in the DTC include removing most tax saving schemes, introducing a new EET system for taxing retirement savings instead of the current EEE system, modifying income tax slabs, and reducing the corporate tax rate from 34% to 30%. The DTC has faced criticism for potentially resulting in increased tax liability and litigation as well as not introducing significant simplifications to the tax system.
This document discusses the impact of taxation on revenue generation in an emerging economy. It begins by defining taxation and the various concepts and types of taxation. It then discusses the relationship between taxation and revenue generation, noting that taxation is a central tool for economy growth and sustainability in developing countries. The document provides data on tax revenue collection in Nigeria from 2000 to 2018, showing that the Federal Inland Revenue Service has generally been able to increase actual tax revenue collected annually to meet or exceed targets.
The document discusses several key concepts relating to tax laws and litigation in India. It outlines 11 fundamental principles that should guide tax law design, including adequacy, equity, simplicity and predictability. It also describes constitutional limitations on taxation powers in India, important case laws, and distinguishes between taxes, duties, fees and cess. Other sections summarize tax avoidance versus evasion, double taxation, tax planning versus management, and mechanisms for resolving tax disputes such as appeals processes, advance rulings and advance pricing agreements.
The document summarizes key aspects of the Direct Tax Code (DTC) 2010 introduced in India. Some key points:
1. The DTC 2010 aims to replace the existing Income Tax Act 1961 and simplify direct tax laws using simple language. It consolidates various direct tax laws into a single code.
2. Major changes include a single slab for all individuals (0-30% tax), corporate tax rate reduced to 30%, wealth tax rate cut to 0.25%, capital gains tax treated separately.
3. The DTC proposes the EET model for taxing investments and aims to promote long-term investments. Key dates for tax filing also changed to 30th June and 31st August.
The document discusses fundamental principles relating to tax laws and concepts that should guide governments in designing equitable taxation regimes. It outlines 11 such principles - including adequacy, broad basing taxes, compatibility between different taxes, convenience for taxpayers, and equity. It also discusses constitutional limitations on taxation powers in India, important case laws, the distinction between taxes, duties, fees and cess. Other concepts covered include tax avoidance vs. tax evasion, double taxation, tax planning vs. tax management, an overview of tax litigation processes, and resolving disputes through various administrative and quasi-judicial mechanisms before approaching courts.
The document discusses India's tax system. It defines tax as a fee charged by the government on income, products, or activities. The objectives of tax are to generate government revenue, fund government expenses, and maintain a balanced economy. The key laws governing India's tax system are the Income Tax Act of 1961, the annual Finance Act, and Income Tax Rules. The major types of taxes in India are direct taxes like income tax and wealth tax, and indirect taxes like excise duty, customs duty, service tax, and sales/value added tax.
1. The document discusses various key concepts related to taxation in India such as direct taxes, indirect taxes, types of taxes including income tax, duty, cess, and surcharge. It provides definitions and explanations of these tax terms.
2. The key highlights are that direct taxes are imposed directly on income and wealth while indirect taxes are imposed on goods and services. Income tax is governed by the Income Tax Act of 1961 which is amended every year by the Finance Act.
3. The document also explains the difference between direct and indirect taxes, taxation system in India, types of taxation including progressive, regressive and proportional, and income tax computation process.
The document summarizes key aspects of India's proposed Direct Tax Code (DTC) which intends to replace the country's 50-year old Income Tax Act. Some key changes proposed in the DTC include removing most tax saving schemes, introducing a new EET system for taxing retirement savings instead of the current EEE system, modifying income tax slabs, and reducing the corporate tax rate from 34% to 30%. The DTC has faced criticism for potentially resulting in increased tax liability and litigation as well as not introducing significant simplifications to the tax system.
Taxation 101 basic rules and principles in philippine taxation by jr lopez go...JR Lopez Gonzales
The document discusses taxation in the Philippines, including:
1. It defines taxation as the imposition of financial charges by the government to raise revenues and fund government expenses.
2. It outlines the history of taxation from ancient times to its development under Spanish colonial rule and the establishment of taxes like the cedula.
3. It describes the main purposes of taxation as raising revenues, redistribution of wealth, repricing goods/services, and representation of citizens in government.
This document provides an overview of income tax systems in India and Australia. It discusses the history and introduction of income tax in both countries, key aspects of how income tax is levied and collected, and compares some key tax rates between the two countries. It also summarizes the objectives and provisions of a tax treaty signed between India and Australia in 2011 to avoid double taxation and help facilitate economic cooperation between the two countries.
The document presents a thesis analyzing the relationship between economic competitiveness and taxation in Pakistan from 2008 to 2013. The objective is to define and analyze how specific taxation systems in Pakistan relate to the country's competitive status using macroeconomic indicators and tax revenue and burden data. The hypotheses compare direct and indirect tax revenues as well as consumption, wealth, and labor taxes. The methodology analyzes tax revenues as a proportion of GDP based on Pakistani statistical bureau data, using graphical illustrations of tax revenue consumption and burden.
The Direct Tax Code of India proposes significant reforms to simplify and overhaul the country's tax system. Some key changes include consolidating direct tax laws under one statute, restructuring how income is categorized and taxed, lowering tax rates to 10-30% for individual income brackets, and reducing the corporate tax rate to 30%. The new code also aims to reduce exemptions and provide some relief for taxpayers.
Current issues problems and solutions in taxation(4 16-14)padre821
This document discusses issues, problems, and solutions related to taxation of non-stock non-profit organizations and non-stock non-profit educational institutions in the Philippines. It provides an overview of different types of tax exemptions in the country, both constitutional and statutory. It examines requirements for tax exemption of specific entities like churches, non-government organizations, beneficiary societies, and non-stock corporations. The document also analyzes rules around taxing income from for-profit activities of exempt organizations.
This document provides an overview of taxation in India. It discusses that taxes are the main source of government revenue and are divided into direct and indirect taxes. The taxation system in India has a three-tier structure at the union, state, and local levels. Direct taxes include income tax, wealth tax, and corporate tax. Indirect taxes include customs duty, excise duty, and GST. The document also outlines the current tax slabs for general individuals, senior citizens aged 60-80, and senior citizens over 80.
Indirect taxes are the most important source of revenue in India according to the document. It discusses the history of tax reforms committees in India from 1953 onwards and their recommendations to rationalize and simplify indirect tax structures. Key suggestions included introducing VAT and service tax, reducing exemptions, and integrating credit schemes. Most recommendations were accepted over time, like implementing service tax in 1994, introducing CENVAT in 2000, and finally Goods and Services Tax (GST) in 2016 to subsume multiple indirect taxes into one.
This document provides an introduction to basic concepts in India's income tax law. It defines what a tax is, explaining direct and indirect taxes. Taxes are levied by the government to fund expenses like defense, education, healthcare and infrastructure. The income tax law in India consists of the Income Tax Act, annual Finance Acts, Income Tax Rules, circulars/notifications, and legal decisions from courts. Income tax is levied on a person's total income in the previous year as classified under various heads like salaries, house property, business/profession, capital gains, and other sources. Deductions are applied to arrive at the total taxable income and applicable tax rate.
This document outlines the key principles of taxation. It defines taxation as the power of the sovereign to impose burdens on subjects within its jurisdiction to raise revenue for government purposes. Taxes are enforced proportional contributions levied by lawmaking bodies based on ability to pay. The document discusses the essential elements of a tax, purposes of taxation including revenue and regulation, and limitations such as the requirement for a public purpose. It also covers the nature, theory, and bases of taxation including the life-blood necessity theory and benefit received principle. Key differences between taxes and related concepts like duties, fees, penalties, and debts are explained. Finally, the document lists the three basic principles of a sound taxation system: fiscal adequacy, equality or justice
- The document discusses taxation laws in India, including the meaning of tax, types of taxes (direct and indirect), and reasons taxes are levied.
- It provides an overview of the taxation system in India, including the major direct and indirect taxes. It also summarizes key aspects of income tax law in India such as the Income Tax Act of 1961, Finance Acts, Income Tax Rules, and case laws.
- The document outlines the process for computing total income for tax purposes, which involves determining residential status, classifying income under different heads, excluding non-taxable income, computing income under each head, applying rules for clubbing of family income and loss set-off, and determining deductions to arrive at
This document discusses the concept of indirect taxes. It defines indirect taxes as taxes whose burden can be shifted to others, in part or wholly, through higher prices. Examples given are excise duties, sales tax, service tax, customs duty, and taxes on transportation fares. The objectives of indirect taxes include revenue generation, reducing income inequality, social welfare programs, earning foreign exchange, and regional development. Key features outlined are burden shifting, taxation of commodities/services, and indirect determination of taxpayer ability. Advantages include convenience, disguise of tax effect, difficulty evading, broad tax base, and potential for forced savings. Disadvantages involve regressivity, high collection costs, inflationary effects, and lack of educative value
This document discusses concepts of taxation including definitions, principles, theories, structures, and characteristics of tax systems. It defines taxation as the process by which governments raise revenue to fund expenses through mandatory contributions imposed on individuals and organizations. The key principles discussed are the benefit principle, ability-to-pay principle, and equal-distribution principle. Taxes can be proportional, regressive, or progressive based on rates. The document also outlines forms of tax exemption and avoidance.
The document provides an overview of taxation in Pakistan, including:
1) It compares tax revenue statistics from Pakistan, India, and Bangladesh for the year 2014-2015, showing that Pakistan collects 40% of its revenue from taxes while India collects 57%.
2) It describes Pakistan's tax system which is overseen by the Federal Board of Revenue and includes both direct taxes like income tax and indirect taxes like sales tax.
3) It acknowledges perceptions among the general public in Pakistan that taxes are not used effectively by the government and that corruption is prevalent, contributing to a lack of trust in the tax system.
The document discusses the key aspects of direct taxes in India such as income tax, corporation tax, wealth tax, and capital gains tax. It provides definitions and explanations of direct taxes, income tax, and compares direct taxes with indirect taxes. Some of the key points made in the document include:
- Direct taxes are taxes that are directly paid to the government by the taxpayer. They include income tax, corporation tax, and wealth tax.
- Income tax is paid based on an individual's taxable income in a given financial year after deductions and exemptions. Corporation tax is paid by companies on worldwide income.
- Direct taxes cannot be shifted to another entity while indirect taxes can be shifted from one taxpayer to another.
The document provides an overview of India's tax system, which has a three-tiered structure controlled by the central government, state governments, and local bodies. It describes the major direct taxes like income tax, corporate tax, wealth tax, and capital gains tax. It also discusses the major indirect taxes like excise duty, customs duty, service tax, and state taxes like value-added tax. The tax system has undergone reforms in recent decades to simplify laws, rationalize rates, and broaden the tax base to improve compliance and tax administration.
This document provides an overview of the Indian tax system and the introduction of GST. It defines direct and indirect taxes, with income tax, corporate tax, and wealth tax listed as examples of direct taxes, and excise duty, customs, sales tax, and service tax as examples of indirect taxes. It also discusses the objectives of income taxation in India and the history of the country's income tax acts. The document introduces GST as a reform that combined multiple indirect taxes into a single indirect tax.
Tax culture of pakistan and its effect on economySalman Saleem
The document discusses taxation in Pakistan. It provides definitions of direct taxes, which are paid directly to the government, and indirect taxes, which are collected by intermediaries. It notes that the government collects 37% of total tax revenue from direct taxes and 63% from indirect taxes. It also discusses tax evasion, which is illegal, versus tax avoidance, which uses legal loopholes. Statistics are given showing low registration and filing rates for corporate and sales taxes. Factors that encourage tax evasion in Pakistan include lack of strict enforcement, complicated systems, lack of benefits for taxpayers, and corruption. Recommendations to reduce evasion include improved audits, amnesty programs, lower rates, simplicity, anti-evasion policies, and
This document provides an introduction to income tax in India. It discusses that income tax was first introduced in India in 1860 and is now governed by the Income Tax Act of 1961. It outlines the key components of India's income tax law, including the Income Tax Act, Rules, Finance Acts, circulars, notifications, and case laws. It also distinguishes between direct and indirect taxes, describing income tax as a direct tax levied on an individual's income.
The document provides an overview of the direct tax system in India. It discusses how direct taxation has existed in India since ancient times as described in texts like the Manu Smriti and Arthashastra. The modern Indian tax system is based on these ancient principles. The key aspects of direct tax include the Income Tax Act of 1961 which levies tax on income under various heads. Direct taxes are mandatory contributions paid by citizens and used by the government for public benefits like infrastructure and development. The tax system in India has both central and state level components with both levying various direct and indirect taxes.
To study the awareness amongst teaching and non-teaching staff of MGM regardi...Shaikh Awaiz
This document discusses the history and organizational structure of income tax administration in India. It outlines key objectives of income taxation such as raising funds for government expenditure, redistributing wealth, and promoting economic growth. It also lists some prominent insurance companies in India and provides details of tax benefits available under various sections of the Income Tax Act for life insurance policies from LIC.
Shahid, M., & Kamran, F. (2015). Causal Relationship between Macroeconomic Factors and Stock Prices in Pakistan. International Journal Of Management And Commerce Innovations, 3(2), 172-178. Retrieved from http://researchpublish.com/journal/IJMCI/Issue-2-October-2015-March-2016/0
Human error and secure systems - DevOpsDays Ohio 2015Dustin Collins
We see reports all the time with headlines like "90% of data breaches caused by human error". But what does that really mean? In this talk I will cover the traditional view of human error and how it hinders our ability to develop and maintain secure systems. Other industries have improved safety and security by shifting their view of human error. We can apply many of the the same concepts to software development and operations, minimizing risk and maximizing learning opportunity.
Taxation 101 basic rules and principles in philippine taxation by jr lopez go...JR Lopez Gonzales
The document discusses taxation in the Philippines, including:
1. It defines taxation as the imposition of financial charges by the government to raise revenues and fund government expenses.
2. It outlines the history of taxation from ancient times to its development under Spanish colonial rule and the establishment of taxes like the cedula.
3. It describes the main purposes of taxation as raising revenues, redistribution of wealth, repricing goods/services, and representation of citizens in government.
This document provides an overview of income tax systems in India and Australia. It discusses the history and introduction of income tax in both countries, key aspects of how income tax is levied and collected, and compares some key tax rates between the two countries. It also summarizes the objectives and provisions of a tax treaty signed between India and Australia in 2011 to avoid double taxation and help facilitate economic cooperation between the two countries.
The document presents a thesis analyzing the relationship between economic competitiveness and taxation in Pakistan from 2008 to 2013. The objective is to define and analyze how specific taxation systems in Pakistan relate to the country's competitive status using macroeconomic indicators and tax revenue and burden data. The hypotheses compare direct and indirect tax revenues as well as consumption, wealth, and labor taxes. The methodology analyzes tax revenues as a proportion of GDP based on Pakistani statistical bureau data, using graphical illustrations of tax revenue consumption and burden.
The Direct Tax Code of India proposes significant reforms to simplify and overhaul the country's tax system. Some key changes include consolidating direct tax laws under one statute, restructuring how income is categorized and taxed, lowering tax rates to 10-30% for individual income brackets, and reducing the corporate tax rate to 30%. The new code also aims to reduce exemptions and provide some relief for taxpayers.
Current issues problems and solutions in taxation(4 16-14)padre821
This document discusses issues, problems, and solutions related to taxation of non-stock non-profit organizations and non-stock non-profit educational institutions in the Philippines. It provides an overview of different types of tax exemptions in the country, both constitutional and statutory. It examines requirements for tax exemption of specific entities like churches, non-government organizations, beneficiary societies, and non-stock corporations. The document also analyzes rules around taxing income from for-profit activities of exempt organizations.
This document provides an overview of taxation in India. It discusses that taxes are the main source of government revenue and are divided into direct and indirect taxes. The taxation system in India has a three-tier structure at the union, state, and local levels. Direct taxes include income tax, wealth tax, and corporate tax. Indirect taxes include customs duty, excise duty, and GST. The document also outlines the current tax slabs for general individuals, senior citizens aged 60-80, and senior citizens over 80.
Indirect taxes are the most important source of revenue in India according to the document. It discusses the history of tax reforms committees in India from 1953 onwards and their recommendations to rationalize and simplify indirect tax structures. Key suggestions included introducing VAT and service tax, reducing exemptions, and integrating credit schemes. Most recommendations were accepted over time, like implementing service tax in 1994, introducing CENVAT in 2000, and finally Goods and Services Tax (GST) in 2016 to subsume multiple indirect taxes into one.
This document provides an introduction to basic concepts in India's income tax law. It defines what a tax is, explaining direct and indirect taxes. Taxes are levied by the government to fund expenses like defense, education, healthcare and infrastructure. The income tax law in India consists of the Income Tax Act, annual Finance Acts, Income Tax Rules, circulars/notifications, and legal decisions from courts. Income tax is levied on a person's total income in the previous year as classified under various heads like salaries, house property, business/profession, capital gains, and other sources. Deductions are applied to arrive at the total taxable income and applicable tax rate.
This document outlines the key principles of taxation. It defines taxation as the power of the sovereign to impose burdens on subjects within its jurisdiction to raise revenue for government purposes. Taxes are enforced proportional contributions levied by lawmaking bodies based on ability to pay. The document discusses the essential elements of a tax, purposes of taxation including revenue and regulation, and limitations such as the requirement for a public purpose. It also covers the nature, theory, and bases of taxation including the life-blood necessity theory and benefit received principle. Key differences between taxes and related concepts like duties, fees, penalties, and debts are explained. Finally, the document lists the three basic principles of a sound taxation system: fiscal adequacy, equality or justice
- The document discusses taxation laws in India, including the meaning of tax, types of taxes (direct and indirect), and reasons taxes are levied.
- It provides an overview of the taxation system in India, including the major direct and indirect taxes. It also summarizes key aspects of income tax law in India such as the Income Tax Act of 1961, Finance Acts, Income Tax Rules, and case laws.
- The document outlines the process for computing total income for tax purposes, which involves determining residential status, classifying income under different heads, excluding non-taxable income, computing income under each head, applying rules for clubbing of family income and loss set-off, and determining deductions to arrive at
This document discusses the concept of indirect taxes. It defines indirect taxes as taxes whose burden can be shifted to others, in part or wholly, through higher prices. Examples given are excise duties, sales tax, service tax, customs duty, and taxes on transportation fares. The objectives of indirect taxes include revenue generation, reducing income inequality, social welfare programs, earning foreign exchange, and regional development. Key features outlined are burden shifting, taxation of commodities/services, and indirect determination of taxpayer ability. Advantages include convenience, disguise of tax effect, difficulty evading, broad tax base, and potential for forced savings. Disadvantages involve regressivity, high collection costs, inflationary effects, and lack of educative value
This document discusses concepts of taxation including definitions, principles, theories, structures, and characteristics of tax systems. It defines taxation as the process by which governments raise revenue to fund expenses through mandatory contributions imposed on individuals and organizations. The key principles discussed are the benefit principle, ability-to-pay principle, and equal-distribution principle. Taxes can be proportional, regressive, or progressive based on rates. The document also outlines forms of tax exemption and avoidance.
The document provides an overview of taxation in Pakistan, including:
1) It compares tax revenue statistics from Pakistan, India, and Bangladesh for the year 2014-2015, showing that Pakistan collects 40% of its revenue from taxes while India collects 57%.
2) It describes Pakistan's tax system which is overseen by the Federal Board of Revenue and includes both direct taxes like income tax and indirect taxes like sales tax.
3) It acknowledges perceptions among the general public in Pakistan that taxes are not used effectively by the government and that corruption is prevalent, contributing to a lack of trust in the tax system.
The document discusses the key aspects of direct taxes in India such as income tax, corporation tax, wealth tax, and capital gains tax. It provides definitions and explanations of direct taxes, income tax, and compares direct taxes with indirect taxes. Some of the key points made in the document include:
- Direct taxes are taxes that are directly paid to the government by the taxpayer. They include income tax, corporation tax, and wealth tax.
- Income tax is paid based on an individual's taxable income in a given financial year after deductions and exemptions. Corporation tax is paid by companies on worldwide income.
- Direct taxes cannot be shifted to another entity while indirect taxes can be shifted from one taxpayer to another.
The document provides an overview of India's tax system, which has a three-tiered structure controlled by the central government, state governments, and local bodies. It describes the major direct taxes like income tax, corporate tax, wealth tax, and capital gains tax. It also discusses the major indirect taxes like excise duty, customs duty, service tax, and state taxes like value-added tax. The tax system has undergone reforms in recent decades to simplify laws, rationalize rates, and broaden the tax base to improve compliance and tax administration.
This document provides an overview of the Indian tax system and the introduction of GST. It defines direct and indirect taxes, with income tax, corporate tax, and wealth tax listed as examples of direct taxes, and excise duty, customs, sales tax, and service tax as examples of indirect taxes. It also discusses the objectives of income taxation in India and the history of the country's income tax acts. The document introduces GST as a reform that combined multiple indirect taxes into a single indirect tax.
Tax culture of pakistan and its effect on economySalman Saleem
The document discusses taxation in Pakistan. It provides definitions of direct taxes, which are paid directly to the government, and indirect taxes, which are collected by intermediaries. It notes that the government collects 37% of total tax revenue from direct taxes and 63% from indirect taxes. It also discusses tax evasion, which is illegal, versus tax avoidance, which uses legal loopholes. Statistics are given showing low registration and filing rates for corporate and sales taxes. Factors that encourage tax evasion in Pakistan include lack of strict enforcement, complicated systems, lack of benefits for taxpayers, and corruption. Recommendations to reduce evasion include improved audits, amnesty programs, lower rates, simplicity, anti-evasion policies, and
This document provides an introduction to income tax in India. It discusses that income tax was first introduced in India in 1860 and is now governed by the Income Tax Act of 1961. It outlines the key components of India's income tax law, including the Income Tax Act, Rules, Finance Acts, circulars, notifications, and case laws. It also distinguishes between direct and indirect taxes, describing income tax as a direct tax levied on an individual's income.
The document provides an overview of the direct tax system in India. It discusses how direct taxation has existed in India since ancient times as described in texts like the Manu Smriti and Arthashastra. The modern Indian tax system is based on these ancient principles. The key aspects of direct tax include the Income Tax Act of 1961 which levies tax on income under various heads. Direct taxes are mandatory contributions paid by citizens and used by the government for public benefits like infrastructure and development. The tax system in India has both central and state level components with both levying various direct and indirect taxes.
To study the awareness amongst teaching and non-teaching staff of MGM regardi...Shaikh Awaiz
This document discusses the history and organizational structure of income tax administration in India. It outlines key objectives of income taxation such as raising funds for government expenditure, redistributing wealth, and promoting economic growth. It also lists some prominent insurance companies in India and provides details of tax benefits available under various sections of the Income Tax Act for life insurance policies from LIC.
Shahid, M., & Kamran, F. (2015). Causal Relationship between Macroeconomic Factors and Stock Prices in Pakistan. International Journal Of Management And Commerce Innovations, 3(2), 172-178. Retrieved from http://researchpublish.com/journal/IJMCI/Issue-2-October-2015-March-2016/0
Human error and secure systems - DevOpsDays Ohio 2015Dustin Collins
We see reports all the time with headlines like "90% of data breaches caused by human error". But what does that really mean? In this talk I will cover the traditional view of human error and how it hinders our ability to develop and maintain secure systems. Other industries have improved safety and security by shifting their view of human error. We can apply many of the the same concepts to software development and operations, minimizing risk and maximizing learning opportunity.
This chapter introduces evolutionary forensic psychology as a framework for understanding criminal behavior and the legal system. It argues that evolutionary processes shaped not only physical adaptations but also cognitive mechanisms to solve survival and reproductive problems over human evolutionary history. Recurrent conflicts between individuals, such as competition over mates and resources, likely favored strategies for inflicting costs on rivals. Understanding these ancestral conflicts provides insight into modern conflicts that relate to criminal behavior and victimization. An evolutionary perspective can help unify and advance the field of forensic psychology.
The document discusses income subject to separate charge under the Income Tax Ordinance of Pakistan. It covers four types of income subject to separate charge: [1] dividend income, [2] royalty income of non-residents, [3] fee for technical services of non-residents, and [4] shipping and air transport income of non-residents. These incomes are taxed separately on a gross basis at final tax rates without consideration of deductions or other incomes. The document outlines the tax rates and procedures for tax payment and clearance for ships and aircrafts.
This document provides a 10 step guide to check what exemptions a person may be eligible for based on their educational qualifications:
1. Search for and select the institution where they studied
2. Select the accredited program and assessment completed
3. View the exemptions awarded for the selected program and assessment
4. Instructions if the qualification is not accredited or assessment dates do not match
5. How to view national qualifications held against an institution
6. Select the relevant subject area of their qualification
7. View notes on qualification subject areas
8. See exemptions for the national qualification and subject area
9. Search for and view exemptions from accredited module combinations
10
The document provides information on conducting internal audits, including:
1) It discusses auditor competence and responsibilities, such as being objective, ethical, and maintaining confidentiality.
2) It explains how to manage an audit program, including establishing objectives and procedures, scheduling audits, and maintaining records.
3) It describes the audit process, from planning and document review, to conducting on-site activities like interviews and observations, and preparing the audit report.
Virtual teams - Learnings from Crisis Management Teams for Distributed Agile ...Rolf Häsänen
Learnings from improving Virtual Crisis Management team performance and applying this to distributed Agile Teams
Take aways
-Learn why we need to pay attention to Team Situational Awareness especially for distributed / virtual teams.
-Learn the Team Situational Awareness Model and how it can be used
The Moon rotates once every 27.3 days, the same amount of time it takes to orbit Earth. Because of this, the Moon is tidally locked and always presents the same face to Earth. Over time, Earth's gravity slowed the Moon's rotation until it became tidally locked, explaining why we only see one side of the Moon from Earth. Many other moons in the solar system are also tidally locked to the planets they orbit.
This document discusses various financial ratios used to analyze customers' financial statements. It provides definitions and formulas for liquidity ratios like current ratio and quick ratio, profitability ratios like net profit margin and return on assets, financial leverage ratios like debt to equity, and efficiency ratios like inventory turnover. These ratios are used to evaluate different aspects of a company's financial health and operations, such as liquidity, profitability, debt usage, and working capital management.
[] Medical notes_clinical_medicine_pocket_guideAchmad Dainuri
The document contains a list of contacts including names, phone numbers, and email addresses. It also contains brief summaries of common medical guidelines such as cancer screening recommendations from the American Cancer Society for various cancers like breast, colon, cervical, endometrial, prostate and others. It provides normal ranges and criteria for interpreting components of an electrocardiogram like rate, P waves, PR interval, QRS complex, QT interval, and axis deviation.
Risk Management in IES 60601. Medical Devices, Creation and content of RMF, Methods for the visualization and identification of harms and hazards,
Creating a RMF – Minimal Documentation,
Common errors when creating a RMF.
Building your All-Star DevOps Team – "Planning, Process and Partners"Dustin Collins
The document discusses challenges in hiring for DevOps roles and best practices when working with recruiting agencies. It recommends being specific about DevOps roles and expectations, and planning hiring efforts by defining goals, timelines and success metrics. When partnering with agencies, hiring managers should prepare detailed job descriptions, benchmark top performers, and remain engaged with candidates. Building trust is important as recruiters do not always understand a client's needs and may disappear when not actively recruiting. Recruiting resources for additional information are also provided.
Usability in healthcare, general overview on new standards and metrics (Inter...Stella Tsank
This document provides an overview of standards and metrics for evaluating usability in healthcare. It discusses international standards that define usability and its key aspects of effectiveness, efficiency, and satisfaction. A new set of metrics is proposed to quantitatively measure these aspects of usability for medical devices. Effectiveness is measured by completeness, error, and assistance indices calculated for individual tasks and overall. Efficiency considers completion times. The metrics allow standardized usability testing and reporting to support design, risk analysis, and evaluation of medical devices.
This document summarizes Pakistan's labor policy and issues related to women's participation in the labor force. The key points are:
1) Women face low labor market participation in Pakistan at 22% according to ILO in 2009, due to issues like low education, sexual harassment, and low wages.
2) The government needs to increase spending on education, build more schools, and make education compulsory for both genders to address low female literacy and enrollment.
3) Developing entrepreneurship programs, business forums, and microfinance can help generate economic opportunities to increase women's participation.
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Dear Viewers, This presentation covered the Income Tax Law & Practice. Mainly this slides focused on Introductory Part.
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Yours Dr.K.Chellapandian, Asst Prof of Commerce, Vivekananda College, Madurai. Tamil Nadu - 625 234 - India
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Law 323 tax law (part i & ii) akhtar ali and asim zulfiqar ali
1. Tax Law
Akhtar Ali, M.A. LL.B
and
Asim Zulfiqar Ali, LL.B., FCA
DIRECT TAXATION IN PAKISTAN
A course on Income Tax Law
Asim Zulfiqar Ali, LL.B., FCA
1. Course Description
(a) An Introduction to Direct Taxes
Taxes are regarded as a major source of income/revenue for a state to meet its obligations
towards the nation. These taxes are fundamentally utilized by the government for the
purposes of public sector development programs, defense and other areas of mass
importance. In Pakistan, various taxes are in force some of which are regulated by the Federal
Government while some are in the domain of the Provincial Governments. The split between
these is provided for in the Constitution and its rationale and the logic is not the subject
matter of this course.
Taxes are broadly classified into two categories viz. ‘direct taxes’ and ‘indirect taxes’.
Whether these are collected by the Federal Government or the Provincial Government, the
division broadly remains the same. These are both income based and / or asset ownership
based, depending upon the nature and type of the levy. Direct taxes are those where the
incidence is borne by the person from whom the tax is collected whereas, in the case of
‘indirect taxes’, the person from whom the tax is collected acts only as an
‘agent’/’intermediary’ and the incidence of tax is borne by another person (from whom the
tax is eventually collected by the ‘agent’ in the due course and deposited in the government
treasury). Few examples of ‘direct taxes’, collected by the Federal Government, are ‘Income
Tax’, ‘Wealth Tax’, and ‘Capital Value Tax’. ‘Urban Immoveable Property Tax’,
‘Professional Tax’ and ‘Motor Vehicle Tax’ etc. are types of direct taxes collected by the
respective Provincial Governments.
Historically, direct taxes (at federal level) have remained in force in Pakistan in the form of
‘income tax’, ‘wealth tax’ and ‘capital value tax’. The ‘wealth tax’ was abolished by the
government in the year 2000 as part of the reform process whereby the government
introduced a policy of reducing the number of taxes (federal excise duty, an indirect direct, is
also proposed to be abolished gradually under this reform process). Another reason behind
the abolition of the said was that it was not making significant contribution in the exchequer
and in fact the cost of collection was considered to be more than the contribution. There is,
however, a simultaneous criticism on the abolition. People belonging to this school of
thought argue that it was a tax on rich only and its abolition has favoured a particular class
and hence the same is in a direct conflict with the rationale and philosophy of imposition of
direct taxes. This controversy remains unaddressed, however, there are rumours that this
2. might be reinstated. The significant amount is generated through levy of income tax and
during the year ended June 30, 2010 the government collected around 40% of its aggregate
revenues (both direct and indirect) in the form of this tax. This position, without undermining
the importance of other direct taxes, makes the income tax as the focal point of the
government so far as the policy, legislation and implementation are concerned. Much of the
emphasis is given in increasing the collection, removal of leakages and improvement of
business processes involved in implementation of this tax.
3. Very recently, (as part of reform process - facilitation), the government has reclassified taxes
into ‘custom duty’ and ‘inland revenues’. Now, for enforcement and collection purposes,
‘income tax’, ‘sales tax’ and ‘federal excise duty’ are categorized as ‘inland revenue’ and
these are be handled by one authority. The purpose is to eliminate the hassle of dealing with
multiple officials especially when in various cases similar aspects/considerations are relevant
for law enforcing authorities.
(b) Income Tax Law in Pakistan – History, Evolution & Development
In the Indo-Pak, the history of modern income taxation dates to 1860, although prior to that
license taxes based on profits, trades and professions were in vogue. This tax was introduced
to meet the deficit resulted from the War of Independence and was not intended to be
permanent. The Income Tax Act of 1886 was a general income tax that had been imposed on
the trades by some provinces and its basic scheme, by and large, even survives today. This
law underwent certain changes and finally transformed into the Income Tax Act, 1922 which
was the first legislation so far as the levy of income tax in Pakistan is concerned.
Owing to amendments introduced from time to time the law was consolidated and substituted
by the Income Tax Ordinance, 1979 which remained in force until the year 2002. An analysis
of the provisions of the two legislations shows that the latter, when enacted, was in fact a
redrafted and consolidated version of the former and as such there was no change in the
underlying concept and philosophy. Both the legislations provided that an assessing officer
would ‘determine’ the income of a taxpayer on the basis of declarations/filings of such
taxpayer.
In the year 1991 the income tax law was amended significantly and a new concept of
‘presumptive tax regime’ was introduced. It was a new and unprecedented concept in the
region, shift from the original philosophy and had a set objective. It prescribed a transaction
based tax liability regardless of the fact that the person executing the transaction had earned
any income or not. This scheme was initially conceived to be a ‘stop gap arrangement’ for
taxing the persons who continuously remained outside the tax net or who could claim refunds
by not disclosing the real income. The idea was to increase the tax collection and eliminate
the refunds. Though the objectives were initially achieved but the scheme changed the overall
nature of the levy. This transformed the levy of income tax into an indirect tax as the
taxpayers begun to shift the levy (incidence being known in advance) onto the customers.
The scheme has its own advantages and disadvantages. No doubt it increased the revenue
collection considerably but it also transformed a direct tax into an indirect tax thus causing a
shift from the underlying principles/rationale. It also discouraged documentation, which is the
backbone for determining the real quantum of income, to a very large extent. From the
government’s perspective the advantages outweighs the disadvantages hence it is being
continued even toady. In fact its scope has been enlarged considerably over the last decade.
The concept of assessment/determination of income by a regulator was completely done
away with through promulgation of the presently applicable Income Tax Ordinance, 2001
and now whatever declaration is filed by a taxpayer the same is taken to have been accepted
by the tax authorities, at the first place. Nevertheless, the tax authorities are empowered to
conduct an audit of a taxpayer and on discovering any under-declaration/mis-declaration they
could amend the assessments to recover the proper amount of tax. The taxpayer, however,
reserves the right of challenging the said action of the tax authorities for which the provisions
of law prescribe appeal fora.
4. (b) Familiarity with the Legal Framework
(i) Local Income Tax Laws
At present, the income tax law can broadly be classified into two categories viz. (Federal)
Income Tax Ordinance, 2001 and (Provincial) Income Tax Act, 1997 (taxation of agricultural
income). These statutes are a complete code and contain full procedure for computation of
income, collection of taxes, regulation, monitoring, remedies etc. The provincial laws are of a
very basic nature and are based on the principles earlier contained in the Income Tax
Ordinance, 1979.
The presently applicable system of regulating the income tax (at federal level), briefly
discussed above, is fully in line with the concept provided for in OECD (Organization for
Economic Co-operation and Development) guidelines, the system followed in the developed
countries. It rests on the principle of ‘convergence’. Historically, there had been wide gaps
between the accounting income and the taxable income. Now these gaps are being reduced
and the taxable income is brought as closer as possible to the accounting income.
The shift was also a part of the government’s reform process. In the course of analyzing the
tax administration a necessity of reposing confidence in taxpayers was felt (i) to enhance the
tax collections; (ii) to reduce the deficit of trust between the taxpayer and tax collector; and
(iii) to increase the level of voluntary compliance. Pakistan is the first country in the region to
have successfully implemented this system of taxation. The government feels that the results
achieved through implementation of this system of taxation are encouraging. It is evident
from the fact that the tax collection has increased from Rs 330 billion in the year 2000 to Rs
1,005 billion in the year 2008 (direct taxes - 82 billion to over 400 billion).
The scheme canvassed in the Income Tax Ordinance, 2001 reflects the policies of the
government. The policy is to facilitate the businesses, increase the tax collection through
broadening the tax base, reduction in tax rates, reduction in ‘exemptions’, reposition of
confidence in taxpayers and encouraging voluntary compliance. It is this underlying policy
that the government has brought down the tax rates (which were as high as 80% in certain
cases in 1960’s and 55% in 2002) to 35%, eliminated exemptions in various cases and
introduced the concept of self assessment without exception. It also contains suitable
provisions, compatible with the business needs, for the taxation of specialized
businesses/transactions. Over the last few years the provisions of law have been amended to a
reasonable extent to align the tax laws with the modern business transactions/needs.
Notwithstanding the aforesaid fundamental changes in the mechanics of implementing the
law, the historical/universal concept of targeting the income, to the levy of tax, remains
unchanged. Similarly, there is no change in the collection techniques and these remain PAYE
(through withholding taxes and advance tax). The law focuses on charging the tax on income
of ‘residents’ of Pakistan accruing from sources existing both inside and outside Pakistan
whereas in the case of ‘non-residents’ the tax is payable only on the income accruing from
the territorial jurisdiction of Pakistan. The law provides a complete mechanism for
computation of income, regulation, monitoring and remedies. It also contains provisions for
blocking the aspect of tax planning which is undertaken by the entities to reduce the
incidence of tax on income.
5. (ii) Agreements for Avoidance of Double Taxation
The aforesaid universally applicable principle of taxing the resident (on world income) and
non-residents (for income accruing in the territory of a state) by any state gives rise to a
possibility of double taxation in the case of ‘residents’ i.e. once in the other state where the
income is earned (under the principle of territorial jurisdiction) and once in Pakistan (under
the principle of residency). In order to eliminate the incidence of possible double taxation, the
law allows a credit for taxes paid abroad. Besides, there are Agreements for Avoidance of
Double Taxation, which the states sign to limit their rights to tax the income. These
Agreements, generally known as double tax treaties, are a complete code in itself and have an
overriding status vis-à-vis the local laws. Pakistan has signed double tax treaties with over 50
states. From a practical perspective, an understanding of the philosophy and rationale of these
treaties is essential.
(c) Understanding the Tax Planning
Entities invariably undertake tax planning for the purposes of reducing the incidence of
overall taxation. For entities operating in only one country tax planning is usually carried out
through structuring of a business/transaction whereas for entities operating in more than one
country, double tax treaties are also used for this purpose. In the past, the local entities also
used the presumptive tax regime as a tool for tax planning. That was so because under this
regime the tax liability was predetermined and thus businesses/transactions could be
restructured to reduce the incidence of tax.
The entities endeavour to accrue profits in states with less incidence of tax through adoption
of transfer pricing techniques. The law, therefore, includes anti-avoidance provisions to
address this aspect. It enables the tax administration, of course on the basis of conclusive
evidence, to disregard the avoidance techniques undertaken by the entities to reduce the
incidence of tax and to determine the proper tax liability attributable to the activities carried
out in the state under the principles of arms’ length transactions. The provisions of law
include the most modern concepts, fully compatible with developed countries, in this respect
and thus reduce the avenues of tax planning to some extent.
Notwithstanding the aforesaid development in the law, it is considered that the tax
administration has not been properly trained to tackle these techniques undertaken by the
entities and hence there still is a reasonable potential for tax planning. The provisions of
certain treaties also leave a lot of room for tax planning because at the time of signing these
treaties the Pakistan perspective was not thoroughly watched.
(d) Role of the Regulator
The provisions of law clearly define the role and the responsibilities of the regulator. The
regulator ensures the collection of tax and the compliance/implementation of law. The
regulator is also authorized to conduct audits in suspected/identified/selected cases. It also
facilitates taxpayers’ education through issuance of circulars, clarifications and advance
rulings.
Outside the book, it also facilitates in fixation of annual budgetary targets, laying down the
policy and proposes amendments in law to implement these policies. The responsibility of
negotiating treaties with other counties also rests with the regulator.
6. 2. Goals of the course
The goal is not to make the students familiar with the prevailing tax laws only. The students
are meant to be equally familiar with the philosophy and the rationale of taxation as well as
the aspect of tax planning. The strengths and weaknesses of the applicable system would also
be debated. Comparative analysis with the laws in the other states would be carried out to
determine as to where the local law has an edge or where it is deficient. In short, the course
would encompass practical knowledge vis-à-vis all perspectives whether the student pursues
the career as a tax practitioner, or tax regulator/policy maker or a businessman.
3. Required Texts
i) Law & Practice of Income Tax by Dr. Ikram-ul-Haq;
ii) The Law & Practice of Income Tax by Kanga, Palkhivala and Vyas;
iii) Principles of Income Tax Law with International Tax Glossary by Dr. Ikram-ul-
Haq;
iv) Transfer Pricing Guidelines for Multinational Enterprises and Tax
Administrations by OECD;
v) Cross Border Transactions and tax Treaties – Theory and Practice by Ahmad
Khan;
vi) Commentary of OECD on Articles of model double tax treaty;
vii) Guidelines/Brochures issued by Federal Board of Revenue on various topics and
available (in “publication” section) on the website: www.fbr.gov.pk;
viii) Important case laws settling basic principles of taxation;
4. Course outline
The course is proposed to be covered during the sessions as under:
Session 1 & 2 Understanding the concept and principles of ‘taxation’; ‘types of taxes’,
‘legislative developments’ and ‘outline of present legislation’;
- Understanding the rationale of taxation and its role in the economy;
- Types of taxes viz. ‘direct taxes’ and ‘indirect taxes’ and their
concept;
- Direct taxes applicable in the country both at federal and provincial
level;
- Transformation (in practical sense) of ‘direct taxes’ into ‘indirect
taxes’ over the last two decades to a very large extent;
- The development and evolution of law relating to direct taxes in
Pakistan (income tax perspective), including the measures for
broadening the tax base and gradual reduction in tax rates;
- An overview of existing legislative framework (income tax
perspective), including its focus, scheme and processes;
- Rules of interpretation of fiscal statutes;
Session 3,4,5 The scheme of taxation contained in the Income Tax Act, 1997
(Provincial) and the Income Tax Ordinance, 2001 (Federal), its rationale
and philosophy;
- Understanding the present form of taxation, its origin and
necessity;
- Understanding the concept of ‘income’;
7. - Distinction between ‘real’ income and ‘deemed’ income;
- Bifurcation of income into ‘heads’ and computation of income
under these ‘heads’;
- Concept of computation of ‘total income’;
- Distinction between ‘resident’ and ‘non-resident’ and the need for
such distinction;
- Scope of taxation for ‘residents’ and ‘non-residents’;
- Assessment of income, the role of the regulator;
- Minimum taxation for companies;
Session 6,7,8 Withholding taxes & Presumptive tax regime
- Concept of withholding taxes;
- Effect of withholding taxes (transformation into indirect taxes);
- Role of government machinery in collection of taxes;
- Monitoring of voluntary compliance to withholding provisions;
- Concept of ‘presumptive tax regimes’, its rationale and effect on
economy;
- Reality vis-à-vis the concept/thought behind introduction of
‘presumptive tax regime’
- Legality of ‘presumptive tax regime’;
Session 9 Taxation of Specialized Businesses/Transactions
- Need for introduction of provisions for governing the taxation of
specialized businesses;
- The extension in these provisions over the last few years owing to
the need and complexities involved in such businesses;
- Taxation of oil exploration companies, insurance companies and
banks;
- Taxation of leasing transactions;
Session 10 Remedies available under the statute
- Need for incorporating remedies in the law;
- Conventional (historical) appellate forums;
- Federal Tax Ombudsman;
- Out of court settlement, its necessity, importance, advantages and
disadvantages;
- ‘Alternative Dispute Resolution Committee’ (ADRC) mechanism;
- ADRC – whether failure or a success;
- Comparison of ADRC mechanism with other states;
- Judicial response to “TAX” in recent days;
Session 11 Tax Planning
- Need and concept of tax planning;
- Structuring the transaction/business;
- Concept of tax avoidance and tax evasion;
- Transfer Pricing – tool for tax planning;
- Continuous expansion (accelerated depreciation) – tool for tax
planning;
- Cross border transactions;
8. - Anti tax planning provisions, their need and rationale;
Session 12 Tax incentives and exemptions
- Necessity for introduction of exemptions and incentives;
- Historical perspective of exemptions/incentives;
- Present policy regarding exemptions/incentives;
- International agreements/commitments vis-à-vis foreign
governments / agencies;
Session 13 Double taxation vis-à-vis cross border transactions
- The concept/possibility of double taxation on any one component
of income;
- Allowability of credit for tax paid in one state against tax liability
on the same component of income in another state;
- Agreements for Avoidance of Double Taxation;
- The source of Agreements – historical perspective;
- Tax sparing – cross border transactions only;
- Overriding status of these Agreements;
Session 14 Role of the regulator
- Structure;
- Fixation of Revenue Targets/Budgets;
- Collection of taxes;
- Implementation of law;
- Monitoring;
- Administration;
- Policy making;
- Clarifications/Circulars;
- Addressing the anomalies;
9. INDIRECT TAXES IN PAKISTAN
A course on Sales Tax, Customs
& Federal Excise Laws
Akhtar Ali, M.A. LL.B
Course Objectives:
The course covers three legislations relating to indirect taxes i.e. The Sales Tax
Act, The Customs Act & The Federal Excise Act with a greater emphasis on
sales tax. While studying Sales Tax Act, students will be introduced to the basic
and universally accepted concepts of value added tax, as practiced in Europe
and most of other countries in Asia and Latin America. This will give an
international perspective to students and broaden their vision and make it easier
for them to understand the rationale behind frequent changes in Pakistan’s sales
tax, which otherwise may look incoherent and bizarre. The course also intends
to give an insight into evolution and development of sales tax in Pakistan during
last 18 – 20 years. Basic and fundamental concepts, rationale and functions of
customs duties/tariff and of Customs Act will also be discussed. Basic concepts
of Federal Excise Act and duties will also be introduced. The students, after
studying the course, should be able to know as to which provision of law will be
applicable to a particular situation and how the same has been interpreted by the
courts.
Course Structure:
The course consists of fourteen sessions. Eight sessions have been devoted to
Sales Tax while four sessions are reserved for the Customs Act. Federal Excise
Act will be covered in two sessions.
10. THE SALES TAX ACT, 1990
Session – I
Nature, importance and gradual spread of Value Added Tax in Europe
and the rest of world; design and implementation issues in VAT.
Development of VAT has taken place in the last 50 – 60 years. After its
successful introduction in Europe, it has traveled to Latin America and
Asia mainly under influence of international donor agencies which
encouraged developing countries to levy taxes on consumption rather
than on trade. For this purpose, there was no better instrument than VAT
which can be imposed with equal ease both on goods and services. The
spread of VAT therefore needs to be examined in the context of its
efficiency as well as overall international trade agenda.
Session – II
Introduction to Sales Tax Act, terminology used and definitions; scope
and payment of tax.
The sales tax like other taxes has its own peculiar terminology which
needs to be understood for better appreciation of the underlying currents
and concepts of the tax. Complications involved in the charging section
and input tax/output tax mechanism also need to be understood. This
session aims at the same.
Session – III
Scope and nature of zero-rating, exemptions, Third and Sixth Schedule of
the Act.
Session – IV
11. Discussion on case law relating to time of supply, value of supply, scope
of tax & input tax/output tax credit.
Session – V
Registration, de-registration, book-keeping requirements, audit,
blacklisting & filing of returns.
Session – VI
Discussion on quasi-judicial adjudication process, offences, penalties, &
procedure in appeals including provisions relating to criminal
proceedings.
Since quasi-judicial adjudication process is distinct from civil and
criminal judicial processes, it is important to give an overview of the
practices in the quasi-judicial system and a comparison with the criminal
proceedings under the Act. Students need to know the process of issuance
of show-cause notices, hearing proceedings, orders-in-original and
orders-in-appeal etc.
Session – VII
Discussion on rules and procedures relating to refund and recovery.
Session – VIII
Discussion on Special Procedures for collection and payment of sales tax
for specified sectors.
12. THE CUSTOMS ACT, 1969
Session – IX
Historical perspective of custom duties in Pakistan.
Definitions and overall scheme of The Customs Act, 1969.
(Section: 2).
Session – X
Levy of, exemption from and re-payment of customs duty including
important case law.
(Section: 18, 19, 20, 31A & 35 – 41).
Session – XI
Value of imported goods, mis-declaration, assessment of duty &
warehousing of imported goods.
(Section: 25, 25A, 25D, 32, 32A, 79, 80, 81, 82, 83 & 84 – 119).
Session – XII
Prevention of smuggling; power of search, seizure & arrest.
(Section: 158 – 178 & 184 – 192).
THE FEDERAL EXCISE ACT, 2005
Session – XIII
Levy, exemption, collection and payment of excise duty.
(Section: 3 – 16).
Session – XIV
First & Second Schedule of the Act and Federal Excise Rules including
special procedures for excisable services.
13. COURSE MATERIALS
Relevant course material will be provided to students at the beginning of the
quarter in the form of a packet. Additional readings, if required, will be
provided during the quarter. Mainly, the reliance will be placed on the following
Acts/ material.
The Modern VAT by Liam Ebrill, Michael Keen, Jean-Paul Bodin and
Victoria Summers.
The Sales Tax Act, 1990.
The Customs Act, 1969.
The Federal Excise Act, 2005.
Important reported Case Law.
TEACHING METHODOLOGY & GRADING
The class will generally be taught through a modified Socratic dialogue, though
other methods will also be used. Students must come to each class prepared, and
with all the relevant materials for that day. Students are reminded that the
attendance policy will be strictly implemented, and any student who is more
than 10 minutes late to class may, at the instructor’s sole discretion, be barred
from sitting in that class. The final grade for the course will comprise of the
aggregate of the following grading instruments:
Class Participation 20%
Assignment 15%
Mid-term exam 25%
Final exam 40%
Guidelines for the above will be provided in class in due course.