You need to file your annual Income Tax Return in Pakistan if you fall within the ambit of any of the following:
- Registered Taxpayers (NTN holders)
- Those charged tax in tax years 2015, 2016
- Welfare Institutions or NPOs (defined in ITO 2001)
- Annual (non-business) income of PKR 400,000 or more
- Annual business income of PKR 300,000 or more
- All companies with financial (accounts) closure of before 31st December 2016
- Owners of 250 sq yards or more land or flat of any size within Cantt/Municipal/ICT jurisdiction
- Owners of 500 sq yards or more land (outside Cantt/Municipal/ICT jurisdiction)
- Flat Owners of 2000 sq ft or more covered area
- Owners of vehicles over 1000cc
- Anyone sent notice(s) to file return
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Assalam O Alikum (Peace be on you),
The above is a picture from one of the events launching ACCA’s last pre-budget proposals. We’re planning for a revamp of the ACCA taxation committee and opening up to have some more competent professionals join us with their valuable contributions for the profession, country and their Alma-mater.
Below is the snapshot of a recent email from ACCA to members across Pakistan. Please feel free to share this in your circle and get in touch if you’re the right person.
Dear ACCA Members
ACCA Pakistan MNP has decided to setup a working group under the Taxation Subcommittee. The objective of this working group will be to interact with the Federal Board of Revenue initially and expand its remit to the Provincial Revenue Authorities under the leadership of Omer Zaheer Meer, FCCA, Head of Taxation Sub Committee, ACCA Pakistan and offer the following:
- Provide regular feedback and suggestions on circulars/policy matters pertaining to taxation
- Prepare budget proposals (initially federal and later on expand them to the provincial proposals too) and forward them to Federal and Provincial Ministries of Finance.
- The budget proposals should be prepared in such a way that they present a holistic as well as sectoral suggestions for Pakistan’s Annual Budget
- Discuss, deliberate and critically evaluate issues pertaining to taxation and present the critical evaluation to Federal and Provincial
- Profile the ACCA Pakistan Members Network Panel and the subcommittee to the taxation regulators in Pakistan
This working group will consist of 3-5 members working in the taxation sector in strategic positions with considerable experience of the sector. Members with a diverse view point on taxation of different business sectors are encouraged to share their CVs and a personal statement describing their claim to merit for these position with us.
Those members who are keen to join this working group should send us their CV and personal statement by replying to this email. We will look forward to your responses by 24 February 2017.
Haroon A Jan
Regional Head of Member Affairs – MENASA
61-C Main Gulberg Lahore Pakistan
Omer Zaheer Meer,
Millennium Law & Corporate Company
Peace be on you!
It’s with extreme pleasure that I announce that the prestigious Exceptional Public Value Award is to be awarded to myself by Ms. Helen Brand, OBE, CEO ACCA (the largest accountancy body globally). I’ll share the details with you after receiving the award, Insha Allah.
I’m honored by this privilege and grateful to ACCA for the recognition of my:
“contributions in the field of Budget and Taxation including but not limited to
- the drafting of Anti-Graft Legislation focused on Undisclosed Foreign Income & Assets which was later adopted by the Treasury,
- work done on the Regional Research Study on Indirect Taxation across South Asia and UAE,
- MOU’s with Tax Bars,
- Collaborations with Chambers of Commerce and Tax Bars,
- Pre & Post Budget proposals and seminars,
- continued member education events particularly on Taxation and
- opportunities created through R&I sessions with key employers.”
Last but not the least, I’m thankful to you all for your support and prayers particularly my parents, siblings, mentors, colleagues and friends.
Omer Zaheer Meer