The purpose of “iris for FBR Officials – Mobile Workforce Management” application is to conduct Physical Verification Survey for taxpayers who have just applied for Sales Tax Registration. This application is developed for Android Tablets supported by specialized Biometric devices. After Filing of Sales Tax Registration, applicant is required to get its Biometric verification done through any NADRA e-Sahulat center. As soon as NADRA Biometric Verification is successfully done, a Physical Verification visits of the premises of the applicant will be scheduled and assigned to Tax office team as per jurisdiction. Verification team will will visit the taxpayer premises on the scheduled date and will conduct the survey in accordance with all the required officials SOPs. All the data will be recorded using this application.
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*Non-banking finance company means an NBFC as defined in the Non-Banking Finance Companies (Establishment and Regulation) Rules, 2003. A non-banking finance company is defined as a company that is licensed by the Commission to engage in one or more forms of business in terms of rule 5 provided that its memorandum and articles of association permits it to do so, and includes asset management company, discount house, housing finance company, investment adviser, investment finance company, […]
Profit on a debt *[whether payable or receivable, means] any profit, yield, interest, discount, premium or other amount **[,] owing under a debt, other than a return of capital; or any service fee or other charge in respect of a debt, including any fee or charge incurred in respect of a credit facility which has not been utilized Profit on debt shall be Pakistan-source income if it is a. paid by a resident person, except […]
*Leasing company means a leasing company as defined in the Non-Banking Finance Companies and Notified Entities Regulation, 2007. “Leasing Company” means a Non Banking finance Company licensed by the Commission to provide leasing. *The above clause substituted by the Finance Act, 2008. The substituted clause read as follows: “leasing company “means a company licensed under the Leasing Companies (Establishment and Regulation) Rules, 2000”.
Fee for technical services means any consideration, whether periodical or lump sum, for the rendering of any managerial, technical or consultancy services including the services of technical or other personnel, but does not include : consideration for services rendered in relation to a construction, assembly or like project undertaken by the recipient; or consideration which would be income of the recipient chargeable under the head ―Salary
*Investment company means an investment company as defined in the Non-Banking Finance Companies (Establishment and Regulation) Rules, 2003. An investment company is a corporation or trust engaged in the business of investing the pooled capital of investors in financial securities. This is most often done either through a closed-end fund or an open-end fund. Investment companies are business entities, both privately and publicly owned, that manage, sell and market funds to the public. […]
Pre-commencement Expenditure means any expenditure incurred before the commencement of a business wholly and exclusively to derive income chargeable to tax, including the cost of feasibility studies, construction of prototypes, and trial production activities, but shall not include any expenditure which is incurred in acquiring land, or which is depreciated or amortised.
*Principal officer used with reference to a company or association of persons includes: a director, a manager, secretary, agent, accountant or any similar officer; and any person connected with the management or administration of the company or association of persons upon whom the Commissioner has served a notice of treating him as the principal officer thereof *Inserted by the Finance Act, 2003.
An association of persons shall be a resident association of persons for a tax year if the control and management of the affairs of the association is situated wholly or partly in Pakistan at any time in the year.
*[Royalty]means any amount paid or payable, however described or or computed, whether periodical or a lump sum, as consideration for: the use of, or right to use any patent, invention, design or model, secret formula or process, trademark or other like property or right; the use of, or right to use any copyright of a literary, artistic or scientific work, including films or video tapes for use in connection with television or tapes in connection […]