Wednesday, April 15, 2009
The first taxes of which we have a documentary record were applied in ancient Egypt. In ancient times, it is clear that taxpayers were expected to offer up a portion of the agricultural produce they raised from the land to the ruling power of the day.
As economies have evolved, governments and rulers have chosen to raise taxes in different ways. For a long time, many countries raised revenue primarily through taxing imports into the country.
In modern times, the income tax, which is charged as a percentage of all income earned in a period of time has become the most popular method by which governments in developed countries raise revenue. Corporation tax, a tax charged as a percentage of the profits made by incorporated companies, is also significant. Many countries also have sales taxes, or value added taxes, which are charged as a percentage of the selling price of a product or service.
Sales Tax - hotels / restaurants
Monday, April 13, 2009
The Federal Board of Revenue has launched a campaign to collect due sales tax from hotels / restaurants sector.
- Non-registered hotels / restaurants get themselves voluntary registered immediately to avoid strict action.
- As responsible tax payer, issue sales tax invoice for every sale and e-file monthly sales tax return.
- law allows collectors to post sales tax officers at hotels /restaurants to monitor sales.
- Avoiding registration, non-issuance of sales tax invoice and non e-filing of monthly sales tax return attacts penalties and fines.
Delivery of goods outside Pakistan - Accounting and Tax Treatment
Wednesday, April 1, 2009