London & Capital Wealth Management’s Post

Inland Revenue NZ's investigative work in relation to liquor stores is already yielding results 👍 It's always good to hear the outcomes of what Inland Revenue achieve when they undertake reviews - it helps those of us that might not work with certain sectors or sized clients to understand the different approaches some taxpayers have to complying with their obligations. TL:DR? IR found over 100 employees where PAYE had been deducted by not paid to IR, 9 audits have started, migrant exploitation has been detected, high levels of unreported cash sales were identified... and "More unannounced visits to businesses whose tax affairs may be out of order will be made as IR steps up its compliance work." https://lnkd.in/gvr2Qf-R #greatwork #investigations #unannouncedvisits #payyourtax #taxevasionisnotcool

This is the only way forward

It is important for the government to recognize the value of small businesses and the significant role they play in the Irish economy. Keeping the VAT rate at 9% is crucial in supporting these businesses and ensuring their continued success. #KeepVat9 #irishgovernment #simonharris

The Federal Board of Revenue (FBR) has decided to increase property valuations by up to 75%. Property valuations have been determined for 42 major cities across the country, and the revised prices have been finalised, Express News cited FBR sources. A notification regarding the new property valuations is expected to be issued soon. The valuations have been determined based on fair market value and location. In the next phase, the new property valuations for an additional 15 cities will also be included in the list. Earlier yesterday, Federal Board of Revenue (FBR) Chairman Rashid Langrial has issued a stern warning that large-scale action against non-filers will begin after November 1. Speaking to the media in Islamabad on Thursday, Langrial revealed that the number of income tax returns filed has exceeded four million, doubling compared to last year. #FBR #property #value #tax #state

#53rd GST Council Meeting Updates Provision to empower Government to allow regularisation of non-levy or short levy of GST due to common trade practice.   The GST Council proposes to insert a new Section 11A in the CGST Act. This provision grants powers to the Government, based on the Council’s recommendations, to allow regularization of non-levy or short levy of GST. Specifically, this applies in cases where tax was inadvertently underpaid or not paid due to common trade practices

Newly enacted legislation requires taxpayers to remit tax payments over $10,000 electronically or pay a penalty of $100 per payment. The CRA stated to CPA Canada that it expects to allow a grace period before enforcing the rules. During this time, the CRA will continue educating taxpayers on electronic payment options and encouraging them to pay electronically. Aamir J. 👇👇👇 🌐 www.finnection.ca 📧 info@finnection.ca 📞 647-795-5462 #AccountingExperts #EffortlessFinancials #BusinessSuccess #Finnection #AccountingSolutions #BusinessBookkeeping #TaxFilingExperts #PayrollProcessing #FinancialManagement #MaximizeProfits #NumbersMadeEasy #SimplifyYourFinances #FinancialSuperheroes #EfficientBookkeeping #StrategicTaxPlanning #BusinessGrowth #AchieveYourDreams #FinancialPeaceOfMind #StreamlineYourBusiness #AccurateRecordKeeping #BoostYourBusiness #ProfitsAndSuccess #FinancialConsultation #TakeChargeOfYourFinances

Union budget for 2024: A step towards reducing litigations and extending ITC?? Key enablers: - Insertion of Section 11A, could potentially alleviate the challenges encountered by sectors such as online gaming etc. as it empowers the Government to regularize non-levy or short levy of GST due to any general trade practices.   -Section 73 and Section 74 will have effect till FY 2023-24.   -W.e.f. FY 2024-25, new section 74A will take care of all assessments whether involving fraud or otherwise. Under section 74A, SCN will be issued within 42 months from due date of furnishing annual return and Order will be passed within 12 months from the date of issuance of SCN. -Section 17(5), now restricts the ITC in respect of tax paid under section 74 only and not Section 74A. Consequently, it is anticipated that going forward in case of fraud cases ITC still can be availed. Welcome change, unless amended going forward.; -GST Amnesty Scheme: Conditional waiver for the interest and penalty or both relating to the notices or demands raised under section 73 for FY 2017-2018, 2018-19 and 2019-2020, refund of already paid interest and penalty shall not be allowed. -Prescribing the time limit for the issuance of self-invoice by the recipient under Section 31(3)(f) in respect of inward supplies under RCM from unregistered person. feel free to share your thoughts. #GST #budget Deepa Jain

#Take2WithBS | GST's Revenue Performance In recent years, discussions on Centre-state fiscal relations have highlighted tensions, particularly with the Centre's use of non-sharable cesses. However, the GST experience showcases the Centre's significant sacrifice for the states' benefit. Authors Varun Agarwal, Josh Felman, Theerdha Sara Reji, and Arvind Subramanian delve into this crucial aspect of India's fiscal landscape. Explore the complexities and outcomes of #GST implementation and its impact on Centre-state fiscal dynamics. Read the first part of their article here: https://mybs.in/2dXJWDQ

🚨 𝐌𝐚𝐣𝐨𝐫 𝐂𝐡𝐚𝐧𝐠𝐞𝐬 𝐟𝐨𝐫 𝐍𝐨𝐧-𝐅𝐢𝐥𝐞𝐫𝐬: 𝐓𝐡𝐞 𝐄𝐧𝐝 𝐨𝐟 𝐭𝐡𝐞 𝐍𝐨𝐧-𝐅𝐢𝐥𝐞𝐫 𝐂𝐚𝐭𝐞𝐠𝐨𝐫𝐲. The Federal Board of Revenue (FBR) is set to abolish the non-filer category, tightening the tax net around all CNIC holders. This means that every individual must file tax returns to avoid restrictions that will soon be enforced. 🔍 𝐊𝐞𝐲 𝐂𝐨𝐧𝐬𝐞𝐪𝐮𝐞𝐧𝐜𝐞𝐬 𝐟𝐨𝐫 𝐍𝐨𝐧-𝐅𝐢𝐥𝐞𝐫𝐬: ❌ Property & Car Purchase – restrictions ❌ Mutual Fund & Stock Investments – blocked ❌ International Travel – barred for non-filers (except religious trips) ❌ Limits on bank account openings ❌ Cash withdrawals – Cap on annual cash withdrawals 🔍 𝐖𝐡𝐚𝐭’𝐬 𝐍𝐞𝐱𝐭? The message is clear: Pakistan’s tax authorities are ramping up enforcement, and being a filer is no longer optional! Expect a more formalized economy, where tax filing will be linked to all major financial transactions and filing your returns is the only way to avoid penalties and restrictions. 📞 𝐂𝐨𝐧𝐧𝐞𝐜𝐭 𝐰𝐢𝐭𝐡 𝐦𝐞 to simplify your tax filing process and avoid the consequences of non-compliance. #TaxUpdate #FBRNews #FBR #PakistanEconomy #IncomeTax #TaxCompliance #NonFilers #FinancialNews #TaxFiling #StayCompliant #Finance #CNIC #FBRUpdates #5PFTL #TaxReforms #Pakistan #FinancialPlanning #Takaful #IncomeTaxPractitioner #ITP #Insurance #TaxSeason #FinancialLiteracy #NonFiler #TaxAdvice #TaxConsultant #5PFTL #September30 #taxdeadline #5thPillar

The Pakistan Tax Bar Association (PTBA) has denounced the FY25 budget for imposing higher taxes on salaried individuals and increasing sales tax rates, which it views as detrimental to economic activities and business operations. PTBA President Anwar Kashif Mumtaz expressed concerns over potential taxpayer harassment due to expanded powers for FBR officials, advocating for digitalization to reduce human interaction in tax matters. #TaxCriticism #FBR #CheckItNow #PakistanEconomy