Consultancy, Taxation

Advance Tax on Sales to Distributors. Dealers and Wholesalers and Advance Tax on Sales to Retailers

Posted on by Muhammad Waheed Ensari
01
Jul

Advance Tax on Sales to Distributors. Dealers and Wholesalers and Advance Tax on Sales to Retailers

Advance Tax on Sales to Distributors. Dealers and Wholesalers andAdvance Tax on Sales to Retailers: Finance Act, 2024 — Explanation regarding Important Amendments made in the Income Tax Ordinance, 2001

Important amendments made in Income Tax Ordinance, 2001 (“the Ordinance”) through Finance Act, 2024 are explained in the subsequent paragraphs.

Advance Tax on Sales to Distributors. Dealers and Wholesalers and Advance Tax on Sales to Retailers

Application of sections 236G and 236H has been extended to all sectors of economy at the rates specified in the Division XIV of Part IV of the First Schedule, and Division XV of Part IV of the First Schedule at the rate of 0.1 percent and 0.5 percent respectively for filers. For non-filers rates of 2 percent and 2.5 percent have been prescribed under sections 236G and 236 H respectively.

Read full text of Explanation of Finance Act, 2024 Amendments made in the Income Tax Ordinance, 2001 for more updates on taxes from FBR click here.

Muhammad Waheed Ensari

Founder & CEO, BeSpoke Consulting and Training with 20+ Years of Professional Experience (International and National) in the field of Business Development, Taxation, Accounting, Finance & Auditing with good understanding of financial management system. Strong exposure in the field of general accounting, G/L maintenance, financial reporting and Internal control procedures. Expert in handling people of diverse nationalities, and renowned for being an excellent team player with a positive “can do” attitude. Energetic & self-motivated with a high degree of cultural sensitivity.

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