Lahore, September 21, 2016 (PPI-OT): The Small and Medium Enterprises Development Authority (SMEDA) has started a program to build capacity of SMEs in understanding newly introduced procedure of sales tax return filing. Under the program, SMEDA is conducting a series of training workshops in collaboration with “INFO Strikes Back”, an expert consulting firm. The first workshop of this series was organized the other day at a local hotel. A number of tax consultants, finance and accounts officers of different business and audit firms attended the program, which was addressed by a renowned tax expert Mr. Arif Hussain Ejaz and Provincial Chief SMEDA Punjab Raja Hassnain Javed.
Mr. Arif Hussain Ejaz explained the participants about different parts of sales tax return, making and removing different entries, preparing different annexures and parts thereof while saving buyers input adjustment, payment of withholding tax and debit credit notes entries and reduction of output tax relating to withholding tax and credit notes by supplier and due compliance of timely filing of sales tax returns.
The participants were also briefed about different penalties for wrongful and non-filing of sales tax return and its parts and how tactfully buyers and sellers can save themselves from these penalties. To further clear the filing of new sales tax return, resource person also demonstrated real time completing and filing of sales tax return and its different parts before the participants. A total of 25 participants representing a wide array of business categories participated in this program.
Raja Hassnain Javed, Provincial Chief, SMEDA, Punjab during his closing remarks highlighted SMEDA services especially its training services for creating conducive business environment and is committed to work for development of SMEs through its various initiatives.
It is to recall that the Government has introduced new system for payment of sales taxes, feeding of sales and purchases and filing of returns for making sales tax system more simple and easy through automation and minimization of contacts between taxpayers and sales tax authorities, due to which SMEs were facing problems in understanding that which part of return is applicable to them and how they can save themselves from loss of input and output tax without any defect in completing the return and delay. SMEDA’s workshop has helped SMEs and the tax consultants to understand the new system of e-filing of tax returns.
For more information, contact:
Liaqat Ali Gohar
DGM (Admin. and PR)
Small and Medium Enterprises Development Authority (SMEDA)
4th Floor, Building No. 3, Aiwan-e-Iqbal Complex,
Egerton Road, Lahore
Email: firstname.lastname@example.org, email@example.com