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Tax Return and Export Sales Guidelines

The document outlines the procedures for tax return assessments, including the finality of returns, automated reviews, and compliance notices from the Commissioner. It also details the particulars required for delivery orders, goods dispatch notes, and invoices related to export sales, specifying when sales should be recorded and the issuance of bills of lading. Additionally, it explains how costs should be treated in pricing, distinguishing between adjustable and non-adjustable costs in the context of export sales.

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37 views3 pages

Tax Return and Export Sales Guidelines

The document outlines the procedures for tax return assessments, including the finality of returns, automated reviews, and compliance notices from the Commissioner. It also details the particulars required for delivery orders, goods dispatch notes, and invoices related to export sales, specifying when sales should be recorded and the issuance of bills of lading. Additionally, it explains how costs should be treated in pricing, distinguishing between adjustable and non-adjustable costs in the context of export sales.

Uploaded by

hasnainasgher947
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

120 (3)

1. Return shall be treated as final assessment by taxpayer.


2. Return shall be passed through automated system to review the return (irrespective of
taxable income andincome tax).
3. The Commissioner shall issue a notice in case of incomplete information or otherwise.
4. If taxpayer fails to comply with the notice, return shall be considered as invalid.
5. The Commissioner shall issue a notice with one hundred and eighty days by the end of
the financial year.
6. The return shall be considered as valid after compliance with the notice.

Particulars of Documents issued

1. Delivery order:
- Name of Customer
- Date
- Delivery order number
- Description of goods
- Quantity

2. Goods Dispatch note:


- Name of Customer
- Date and Time
- GDN number
- Description of goods
- Quantity
- Delivery order number

3. Invoice:
- Name of Customer
- Date and Time
- Delivery order number
- GDN number
- Description of goods
- Quantity
- Rate
- Amount
- Sales tax
- Advance income tax (i.e. 236G etc. and others as applicable).
Export Sales

When to record sales:


Should be record when risks and rewards are transferred (i.e. when bill of lading
is being issued by shipping authority)

When bill of lading will be issued:


- Company contact with the shipping authority
- Shipping authority will send its container to company's premises to carry goods to be
shipped. List of products shall be made to ensure goods in container
- This will be transferred to the custom authority. Here, container is sealed by custom
authority
- Then, this will be communicated to the shipping company that container has been
sealed. Then, bill of lading will be issed by the shipping authority/company.

Cost included in Price

It is either adjustible or not.


If it is adjustable:
- Then should not be included in the Cost/Sale Price.

If it is not adjustable:
- Then should be included in the Cost/Sale Price.

But in case of Export Sales:


Cost and Freight (where Sea Freight is bear by the Seller)
Cost Freight and Insurance (where Sea Freight and Insurance is bear by the Seller)

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