11-03-2011, 02:12 AM
thanks for your guidence. You have clearified lot of confusions. I have few more questions I will appriciate if you can answer these, (this wil benifite lot of small exporters) over the past years I consulted few lawyers and I'm still confused on how the income of exporter is assesed, ( I think there might be some ambiguity in the law which was mentioned by few lawyers to me as well )
As for as the law state that withholding tax deducted at source is final tax for exporters. But this final tax allow me how much of my turn over as my income?? let say my turn over is 10858401/- so my bank deducted 108,583 /- withholding tax. That will clear my tax liability but how it will be decided that what is my actual profit / income form my turn over of 10858401/- , one lawyer says it will be 2.5% of your turn over and other says 4% ??
But what if my profit is 25% of this turn over assuming I'm doing some value added exports with high profits.
When I go to buy some land or say new car with this money how I will justify my income?? Will there be a further tax to declare that income?
As for as the law state that withholding tax deducted at source is final tax for exporters. But this final tax allow me how much of my turn over as my income?? let say my turn over is 10858401/- so my bank deducted 108,583 /- withholding tax. That will clear my tax liability but how it will be decided that what is my actual profit / income form my turn over of 10858401/- , one lawyer says it will be 2.5% of your turn over and other says 4% ??
But what if my profit is 25% of this turn over assuming I'm doing some value added exports with high profits.
When I go to buy some land or say new car with this money how I will justify my income?? Will there be a further tax to declare that income?
