No, CNIC and NTN numbers are
two different numbers. The CNIC is a 13 digit number consist of 3 parts
first part contain five numbers which gives different details of the
person location while the second part is his/her family number and the
last part represents your gender group.
But NTN number is totally different this number has two parts and it consist of 8 digits. NTN number is generated in sequence.
CNIC and NTN were different numbers but FBR has announced that from the fiscal year 2018-19 both will be same.
The announcement to put in CNIC as NTN number is implemented from
last fiscal year 2018-19, the Federal Board of Revenue (FBR) all sets to
utilize the data of companies for broadening of tax base, it is
learnt. Federal Board of Revenue has said that NADRA issued CNIC numbers
will become NTN (National Tax Number) for all Pakistanis and anyone submitting tax returns can use his/her CNIC in place of NTN numbers that were issued by the Fbr.
FBR has issued a withholding tax card 2020-2021 (renewed until June 30, 2020) including an amendment to the Income tax Ordinance, 2001 by the Finance Act, 2020. Under section 236C of the Income tax Ordinance, the 2001 reserve tax must be collected from the seller of immovable property. Everyone who registers, records or certifies or transfers including property managers, real estate managers, community co-operatives and registrars or properties must collect taxes from the seller of immovable property at the time of registration, recording or proof of transport. The tax rate will be one percent of the total value of the consideration received. If a person does not appear in the active taxpayer list (ATL) the tax rate will be two percent of the total value of the consideration received. Withholding tax will be lower when the property is acquired and disposed of within the same year; otherwise the tax will be changed. Advance Taxes, under this section, are not collected if immovable ...
ISLAMABAD: Federal Board of Revenue (FBR) has updated withholding tax rates on profit on debt to be prevailed during Tax Year 2021. The FBR issued withholding tax card 2020/2021 after incorporating changes made through Finance Act, 2020. The rates of withholding tax on profit on debt under Section 151 of Income Tax Ordinance, 2001 to be collected by person making payment of profit/yield from recipients of (profit on debt) at the time the yield (profit on debt) is credited to the account of the recipient or is actually paid, whichever is earlier. According to the tax card: Section 151(1)(a) Yield or profit (profit on debt) on account, deposits or a certificate under the National Saving Schemes or Post Office Saving Account Up to Rs500,000 the tax rate shall be 10 percent of the gross yield/profit paid Exceeding Rs500,000 the tax rate shall be 15 percent of the gross yield/profit paid and 30 percent if the person is not on the Active Taxpayers list (ATL). The FBR said that it shall be mi...
ISLAMABAD: Federal Board of Revenue (FBR) has notified rules to launch Authorized Economic Operator (AEO) program to improve trade and business environment in the country. The AEO was launched by inserting Section 212A was inserted in the Customs Act, 1969 through the Finance Act, 2018. The FBR now issued AEO rules vide SRO 798 (I) /2020 dated August 28, 2020. FBR has also constituted AEO Approval Committee in this regard which is finalizing the request of applicants. Software for business process and WeBOC modules for AEO programme has already been developed and is ready for launch at present. The FBR intend to start Pilot project of the AEO programme at MCC Port Qasim (Exports) Karachi in October, 2020, which will be later on extended to import sector as well. The World Customs Organization’s (WCO) Authorized Economic Operator (AEO) Programme is one of the pillars of WCO’s Framework of Standards to secure and facilitate trade (SAFE). The programme is widely acknowledged as a ke...
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