09-15-2011, 02:45 AM
Dear All,
You might heard that amendments made in WWF Ordinance through finance act 2006 & 2008 struck down by Lahore Hight Court....
Anyone who is not updated may go through the following links
http//www.thenews.com.pk/TodaysPrintDetail.aspx?ID=64438&Cat=5
1. My question is that whether the service providing companies i.e. banks & insurance would be required to pay WWF @2% for the financial year ending December 31, 2011 at the time of filing the Annual Tax Return?
2. Whether the WWF contributions paid in the year 2008, 2009 & 2010 would be claimed as refund at the time of filing the return for current year i.e. 2011?
3. If answer of above 2 is yes then What would be the accounting treatment of WWF refundable for the year 2008, 2009 and 2010? Mean to say would be treated as other income or would be adjusted in prior years?
4. Does anyone know whether FBR is going to file appeal against the judgement passed by Single Judge of Lahore High Court?
5. Whether any company may claim refund on the basis of judgement passed on the petition of any other person?
6. If Supreme Court also struck down these amendments, in case FBR opts to go SC, then what would be the status of WWF paid by service sector in previous years?
7. Any other way out for FBR to give legal effect to these amendment...! after the situation in 6 above.
Regards,
*
You might heard that amendments made in WWF Ordinance through finance act 2006 & 2008 struck down by Lahore Hight Court....
Anyone who is not updated may go through the following links
http//www.thenews.com.pk/TodaysPrintDetail.aspx?ID=64438&Cat=5
1. My question is that whether the service providing companies i.e. banks & insurance would be required to pay WWF @2% for the financial year ending December 31, 2011 at the time of filing the Annual Tax Return?
2. Whether the WWF contributions paid in the year 2008, 2009 & 2010 would be claimed as refund at the time of filing the return for current year i.e. 2011?
3. If answer of above 2 is yes then What would be the accounting treatment of WWF refundable for the year 2008, 2009 and 2010? Mean to say would be treated as other income or would be adjusted in prior years?
4. Does anyone know whether FBR is going to file appeal against the judgement passed by Single Judge of Lahore High Court?
5. Whether any company may claim refund on the basis of judgement passed on the petition of any other person?
6. If Supreme Court also struck down these amendments, in case FBR opts to go SC, then what would be the status of WWF paid by service sector in previous years?
7. Any other way out for FBR to give legal effect to these amendment...! after the situation in 6 above.
Regards,
*
