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Certificate In Withholding Taxes

Certificate In Withholding Taxes

Mon May 24, 2021

Certificate In Withholding Taxes

Time Mon May 24 2021 at 06:00 pm to 07:00 pm
(add to calendar)

Softax, 1st Floor, Sohail Center, Block 8 Gulshan-e-Iqbal, Karachi, Karachi City, Sindh, Pakistan, Karachi, Pakistan

PKR 19,995 Tickets
Certificate In Withholding Taxes

INTRODUCTION

Understanding importance of meeting taxation requirements in running business operations in Pakistan is critical for almost every business . Whether you are managing a Non-Profit Organization multinational operations partnership a company or operating as sole proprietor you are bound to hear from the Revenue Authorities specially Federal Board of Revenue (FBR) sooner or later.


Amongst all taxation provisions in-depth and correct understanding of withholding tax application by far is considered most critical and important because of its serious implications in case of any non-compliance.


Withholding is an act of deduction or collection of tax at source. This act of tax collection and deposit in the Government treasury is performed by the business owners/operators as withholding agents on behalf of the Revenue Authorities. To ensure that not only the tax is collected on every taxable financial transaction but also correct amount of tax is collected and timely deposited in the government treasury FBR conducts periodical reviews of submitted tax data by the withholding agent or carry out tax audits. In case of any errors or omissions or submission of incorrect information Revenue authorities impose heavy financial penalties which can be significant and equally time consuming for the withholding agent.


The fact is that more than 73% of FBR's collection from direct taxes is dependent upon proper and accurate collection of Withholding Taxes. As a result FBR officers are putting their best time and effort on withholding tax monitoring assessment and collection. Equally employees of the organizations prescribed as withholding agent are also consuming more than 75% of their time on monitoring and compliance of withholding tax transactions and departmental proceedings.


With the passage of time the number of transactions subject to withholding of tax have multiplied resultantly increased the cost and time burden on withholding agents due to transaction wise monitoring submission of statements replying notices and handling departmental proceedings.


There is no doubt that withholding tax is an important but a complex area with a right approach and learning frame of mind it can be handled with ease. Thus everyone involved specially in withholding tax matters need to take this area seriously by enhancing their knowledge and skills to ensure effective and timely tax compliance. In order to save time cost and unnecessary burden of undue tax every employer need to ensure that the relevant staff is highly skilled and competent to handle all the tax matters timely and professionally. This Certification course is tailored to address all withholding tax requirements which would enhance the staff competency level.


Keeping in view the need of time Softax is introducing 4 weeks comprehensive specialized course on “Withholding Taxes under Income Tax and Federal / Provincial Sales Tax Laws” which will enable the participants to handle withholding tax matters from withholding on a single transaction to handling audit assessment appeals and recoveries in a proficient and professional manner. 


Contents:

Withholding under Income Tax Ordinance 2001:

  • Introduction to withholding tax
  • History of withholding tax
  • Why withholding tax is necessary
  • Withholding tax regimes
  • Section-wise understanding
  • Transaction-wise rates and exemptions
  • Section-wise principles for adjustment of tax
  • Transaction-wise identification as withholding agent
  • Withholding tax compliance strategies
  • Drafting Standard Operating Procedures (SOPs)
  • Preparation of periodical withholding statements
  • Verification and submission of withholding statements
  • Reply to different type of notices relevant to withholding tax
  • Withholding tax audit:
  • Pre-audit (Knowledge and record keeping)
  • During-audit (Compilation and presentation of records)
  • Post-audit (Legal expertise)
  • How to obtain exemption certificate
  • Audit selection criteria
  • Penalties & Prosecution in case of non-compliance
  • Default surcharge calculation
  • Jurisdiction – Powers and functions of the officers
  • Legal procedure and scope of departmental proceedings
  • Discussion with auditor
  • Handling audit observations
  • Handling assessment notices
  • Withholding tax in the eyes of Superior Courts
  • Time period for withholding tax monitoring or audit
  • Assessment procedure
  • Appeal procedure
  • Withholding tax recovery provisions
  • How to obtain stay against recovery

Withholding taxes under Sales Tax Laws:

  • Withholding tax under the Sales Tax Act 1990
  • Withholding tax under the Sindh Sales tax on Services Act 2011
  • Withholding tax under the Punjab Sales tax on Services Act 2012
  • Withholding tax under the KP Finance Act 2013
  • Withholding tax under the Balochistan Sales Tax on Services Act 2015
  • Withholding tax under the ICT Sales Tax on Services Ordinance 2001


Who cannot affort to miss?

This Certification is considered to be most suitable for:

  • Tax Accounts and Finance Managers
  • Tax Accounts and Finance Executives
  • Tax Accounts and Finance Officers
  • Internal Auditors
  • Procurement Personnel
  • Tax Advisors
  • Business executives
  • Software developers


WHAT DOES CWT AIMS AT?

  • To provide in-depth knowledge and hands-on training of Withholding Taxes under Income Tax & Federal / Provincial Sales Tax Laws
  • To give confidence in handling day to day Withholding Tax matters like transaction wise withholding filing of statements calculations handling departmental proceedings and appeals.


For details contact:

0321-5596119

a2FyYWNoaSB8IHNvZnRheCAhIGNvbSAhIHBr

For details contact:

0321-5596119

a2FyYWNoaSB8IHNvZnRheCAhIGNvbSAhIHBr

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Event Information

Date & Time

Mon May 24 2021 at 06:00 pm to 07:00 pm
Add to Calendar

Location

Softax, 1st Floor, Sohail Center, Block 8 Gulshan-e-Iqbal, Karachi, Karachi City, Sindh, Pakistan, Karachi, Pakistan