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English Assignment

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INDUSTRIALIZATION-DEVELOPMENT-AND-PROBLEMS-OF-PAKISTAN-2

The Difference Between Filers and Non-Filers An Introduction When it comes to taxes, understanding your status as a filer or non-filer is crucial to avoid any legal and financial implications. In this blog, we will explore the differences between filers and non-filers, and what it means for your tax obligations. Who is a Filer? A person or business company that needs to file a tax return with the relevant tax authorities(FBR) is known as a filer. This includes: those with taxable income above a certain threshold Businesses with taxable profits Self-employed individuals Individuals with investments or assets that generate income Filers are asked to submit their tax returns by a specific deadline, usually annually, and report their income, expenses, and other relevant financial information. Who is a Non-Filer? A person or business company that needs not to file a tax return with the relevant tax authorities(FBR) is known as a filer – Individuals with no taxable income or below the threshold – Businesses with no taxable profits – Individuals who only receive tax-exempt income (e.g., social security benefits) Non-filers may still need to file other tax-related documents, such as informational returns or reports, but they are not required to submit a tax return. Consequences of Not Filing Failing to file a tax return or pay taxes can result in severe penalties, fines, and even criminal prosecution. Non-filers may face: – Late filing and payment penalties – Interest on unpaid taxes – Loss of credits and refunds – Legal action and fines Conclusion Understanding your status as a filer or non-filer is essential for tax compliance. If you are unsure about your tax obligations, consult a tax professional or contact the tax authorities to avoid any potential consequences. Remember, honesty and transparency are crucial when it comes to taxes, so always file your tax returns accurately and on time.

                                                                                         Expenditures of Pakistan     1.  General Public Services:  This includes: “executive and legislative bodies, superannuation of finance, and pension, paying the foreign loans, servicing of domestic loans, foreign economic Aids, transfer of payment, administration of public services and others. 2.Defense Affairs And Services:      Defense affairs and services contain: defense administration, military defense, employees related expenses, operation expenses, Physical Assets, and Civil works, 3.Public safety And Order Affairs:         This includes: law and order courts, police department, fire protective department, prison administrative and operations, Administrations of public safety order. These are: “general economic, commercial affairs and labour affairs”, Agriculture, food, irrigation fishing, and forestry, fuel and energy, mining and manufacturing, Construction and transport, communication and other industries. 4. Health Service And Affairs Health affairs and services contain the expenses of: medical products, appliances and equipment, hospital services, R and D health, and health administration. 5. Recreational, Culture And Religion:     The expenses of Recreation and sports, culture, broad casting and publish of religious affairs, and administrative of information re-creation and culture come under recreational, culture and religion. 6. Education Services”:    This includes the expenses of: “preprimary and primary education services”, secondary education services, tertiary education services, social welfare and special education division, subsidiary to education, Administration, and others.

                                                                                  Revenue system of Pakistan -Taxes-                  The revenue receipts of federal government is categorized into two type The Tax Revenue receipts   2.The Nontax Revenue receipts 1.2.1. The tax Revenue receipts: F.B.R. taxes can be divided as Direct and indirect Taxes Direct taxes  are:  Income-tax, capital-value tax, ordinary collection (W.W.E.)  Whereas, In-direct taxes are:, Sales-tax, customs Duty, and federal excise duty, 2.1.   Non-Tax Revenue receipts: Non-tax revenue is the income gained from investment and services, it is administered by different ministries, divisions or department of Pakistan. Under the following three major categories: i) Income from property and enterprises                                Income from property and enterprises consists of profits gained  by the  state  authorities, mark-up receipts on loans given to providences, and Azad Jamu and Kashmir, local bodies, and public enterprises and dividends which are to be paid on federal government’s investment in commercial enterprises. state authorities: NEPRA:  National Electric power regulatory authority. SECP: Security and exchange commission of Pakistan. PNRA: Pakistan nuclear regulatory authority. PEMERA: Pakistan Electronic media regulatory authority. OGRA: Oil and Gas regulatory authority. PTA: Pakistan telecommunication authority. 2.1.1. mark-up receipts: Federal government of Pakistan gives loans to the provinces, AJK, public sector, some local bodies, and some government servants, for their personal use i.e. purchase of transport, building of a house, and puts markup on these loans, the amount earned by federal government as markup is known as markup receipts. .2.1.2. Dividends: The returns which is gained by the government as a result of investing amount in the share capitals of commercial enterprises and institutions for finance are known as Dividends.        ii) Receipts from civil Administration and other functions: .1. Fiscal Administration                   Organs of state: these receipts include fee from different competitive exams, under “federal public service commission” (FPSC) and other tuitions fee which are charged by the Pakistan forest institute etc.       .2 Fiscal Administration: these receipts include: fees of Audit from the  for audition their accounts and auto-nomous ones.        .3   Pakistan Mints Receipts: The receipts received from the mint of defense, sports, and academic institutional medals.  Profit from state bank of Pakistan: The state bank of Pakistan also puts dividends on the shares of capital of the government. The earned amount is circulated for one year and then added to federal government’s account.                      Economic Regulations:fee receipts trade mark, (registration fee), insurance fees and other receipts, as anti-dumping duties, traffic protection fee. Law and Order Receipts;thought the main purpose of law and order receipts is not the collection of amount, it is to make sure of the control of the crimes, these receipt put a large amount of contribution in non-tax revenue. These may include the fines and penalties, and other recoveries by Supreme Court of Pakistan, and other tribunals as, federal service tribunal, income tax tribunal etc. Community services Receipts:The receipts of the rent of the government buildings, guests’ houses and lands, headed by housing and work division, Kashmir affairs and Gilgit Baltistan division. Social services and social services miscellaneous receipts:                           These receipts include; i) education fees from school and colleges, ii) entry fees of historical places, and iii) registration fees for Pakistanis working abroad.    iii)  MISCELLANEOUS RECIEPTS: These receipts consists of (i) the receipts of conomic services and (ii) other receipts.   1.Agricultural receipts: fee on exports of animals and import gained by the government. .2. The Receipts from the cabinet division: sales of stationery and government publications from various departments come under receipts form cabinet division. Receipts from special Communications institutions:these receipt are collected by providing telecom service in different areas. Azad Kashmir and Gilgit-Baltistan. Receipts from lightships and lighthouses:examination fee, registration fee, collected by “Mercantile Marine department Karachi”, shipping and discharging fee of cargo, etc    Other receipts: under the title MISCELLANEOUS RECIEPTS other receipts means: i) Citizen ship, naturalization an passport fees                                The fees charged on the renewal of passport and visas, by the immigration and passport office of Pakistan. ii) Royalty pollution, trekking fee from tourists, iii) receipts collected of ministry of foreign affairs,