FBR is sending stup*d notices

[mgalaxy3]

Just get the PRC

[greeenncool]

Can you help with understanding what PRC is and where is it needed?

Please if you can help me with below question.

A small startup company (pvt ltd) deals with IT exports and is PSEB registered. Looking for a bank that has comparatively good customer support, facilities, and offers hassle-free transactions of remittances and gives out a bit realistic conversion rates.

All members are requested to advise and provide personal input on the above requested question.

Also what other bodies should a company be registered with for any export related benefits and support.

Looking forward for your responses.

[Nabs]

Proceeds Realization Certificate (PRC) is a remittance certificate by bank. Its mainly needed in case of tax audit by FBR. IT exports only have withholding tax (1% or 0.25% in case of PSEB registration) that is deducted from bank account, which is final tax, no income tax to be paid. The PRC has code on it which proves that the remittance is due to IT export.

[greeenncool]

Is this Form R?

[moneebariffast]

@mgalaxy3 you use payonner so in this case withholding tax is not deducted so we have to submit that by our self?

[mgalaxy3]

@moneebariffast

Withholding tax is not deducted when your bank mentions some other purpose code on PRC. Tell your bank to put IT services export or IT freelancing purpose code on the PRC. Eg 9186 .

Then it will be deducted. If it’s not deducted and you’re a file then yeah you might have to pay tax on your own, ask some accountant or tax lawyer

[moneebariffast]

@nabs where to attach documents i see final account and Manufacturing and Trading / Profit and Loss Accounts statements (9230)

[capsat]

30 09 2023
There is no extension announced as yet (2300 hrs) to file tax return for FY 2022 - 2023

https://pkrevenue.com/pakistan-to-announce-important-tax-return-filing-extension-on-september-30/

[salman_w]

Last minute extension till end of October.

[sardarg]

[sardarg]

Tax the tax payer policy continues where as the agriculture sector enjoy all the exemptions.

https://tribune.com.pk/story/2439129/further-tax-on-salaried-class-sought

[Nabs]

Withholding tax is not deducted when your bank mentions some other purpose code on PRC. Tell your bank to put IT services export or IT freelancing purpose code on the PRC. Eg 9186 .

My PSEB freelancer registration renewal was just rejected because the PRCs had IT service export code and not the freelancing code. Will have to ask my bank to put the freelancing code on next payments, otherwise I will be paying 1% tax instead of 0.25%

[moneebariffast]

my bank write purpose as it service no specific code. it is and it work well for pseb.

[pwuser170525992632]

i would suggest everyone files their tax returns as salaried individuals get their taxes deducted automatically by employers.. it would however give the filer relief in some taxes as well while transferring properties/vehicles..
most of the time you only need to declare assets and file return not necessarily paying any taxes. freelancers are also required to furnish their tax returns..

[Xulfiqar]

Sadly in Pakistan people take pride in saying that “Im non filer” as if its some flex

This is why one secondary market of the port city pays more income tax than whole of punjab province.